Variable whole life insurance is a type of life insurance that combines a death benefit with a savings component. The premium for variable whole life insurance is a flexible premium, meaning it can be adjusted over time. This is because the savings component of the policy is invested in a variety of investment options, such as stocks, bonds, and mutual funds, and the performance of these investments can affect the overall cost of the policy. The policyholder can choose how much of their premium payments will be allocated towards the savings component and how much towards the death benefit. The amount of the death benefit can also be adjusted, subject to certain limitations and conditions.