Which option is NOT typically included in a Variable Life policy?

In a Variable Life policy, the investment component allows for cash value accumulation that can fluctuate based on the performance of the underlying investment options chosen by the policyholder. This feature underscores the variable aspect of the policy, where the cash value can grow or decrease depending on market performance.

The fixed death benefit is a standard component in many Variable Life policies, providing a predetermined amount payable upon the insured's death, regardless of the cash value. Additionally, these policies offer flexible premium payments, allowing policyholders to adjust their contributions over time.

However, guaranteed returns are not typically a feature of Variable Life policies. Unlike some other life insurance products, such as whole life insurance, where the cash value builds at a guaranteed interest rate, Variable Life policies do not assure policyholders of minimum returns. Instead, the performance of the investment options directly impacts the cash value, leading to potential gains or losses.

This lack of guaranteed returns emphasizes the investment risk associated with Variable Life policies, distinguishing them from more conservative options within the life insurance landscape. Therefore, not including guaranteed returns aligns perfectly with the characteristics of a Variable Life policy.