Final answer:
Variable universal life (VUL) policies combine the features of cash-value life insurance and variable life insurance. They offer a death benefit like cash-value life insurance and also provide investment options.
Step-by-step explanation:
Variable universal life (VUL) policies have the flexible features of cash-value (whole) life insurance and the investment choices of variable life insurance. VUL policies provide a death benefit like cash-value life insurance, which means that in the event of the policyholder's death, a payout is made to the beneficiaries. Additionally, VUL policies offer investment options, allowing policyholders to allocate a portion of their premiums to various investment options such as stocks, bonds, and mutual funds.