Final answer:
Under a variable universal life policy with option 2, the face value does not change, while premiums, cash value, and death benefit may change.
Step-by-step explanation:
The question is about what policy features may change throughout the policy term of a variable universal life policy with option 2, specifically which feature does NOT change.
In variable universal life insurance, several aspects of the policy can be adjusted over time, including the premiums, face value (the amount of the lump sum that is guaranteed upon the policyholder's death), and cash value (the accumulated savings element that grows or declines based on the performance of investments).
With option 2, the death benefit includes the face value plus the cash value in the separate account, meaning the death benefit varies with the performance of the cash value account.
The item that does not change is the face value under option 2; it is a defined benefit that does not fluctuate, as long as the policy terms are met.
In a variable universal life insurance policy with option 2, all of the mentioned policy features may change throughout the policy term except for the face value.
The face value of the policy remains constant and is the amount that the policyholder's beneficiaries receive upon their death.