Which statement about Variable Life policies is FALSE?

Variable Life policies allow policyowners a range of options, including the ability to take loans against the cash value of their policy. This characteristic is an essential feature of Variable Life insurance, enabling policyowners to access funds without needing to completely surrender their policies. As such, the statement asserting that Variable Life policies do not permit loans is false.

In terms of the other statements, policyowners indeed have the option to make partial withdrawals from their policies, which allows them flexibility in managing their investments. The structure of charges, including any fees, is clearly outlined in the policy document, ensuring transparency for the policyowners. Furthermore, commissions related to the sales of these policies are typically accounted for within the variable implicit charges, reflecting the operational costs associated with maintaining and managing the policy.

Therefore, the assertion that Variable Life policies do not allow loans to policyowners stands out as the incorrect statement, as this ability is a fundamental aspect of how these policies operate.