Final answer:
In variable life insurance, guaranteed features are the death benefit and cash value. Premium rate is not a guaranteed feature as it can fluctuate based on the performance of the underlying investments.
Step-by-step explanation:
Understanding Variable Life Insurance Policies
Variable life insurance is a type of permanent life insurance that provides a death benefit and a cash value component. This type of policy allows for the cash value to be invested in a variety of different accounts, similar to mutual funds, and the value can go up or down depending on the performance of these investments.
Guaranteed features in a traditional variable life insurance policy include the death benefit and cash value. However, features such as premium rate and period of death protection can vary and are not guaranteed. Premium rates may fluctuate based on the performance of the underlying investment options, and the period of death protection could be for a specified term or for the insured's lifetime depending on the policy structure, although it is typically for the lifetime of the policyholder.
Excluding the guaranteed features, the premium rate is not guaranteed in a variable life insurance policy. While insured individuals generally pay a set premium at the onset, the cost can change if the cash value investment returns are insufficient to sustain the cost of insurance within the policy.