Final answer:
A variable life insurance policy allows the owner to invest in money-market funds, long-term bonds, and the stock market, with a choice in investment options and an opportunity for higher returns but greater risk.
Step-by-step explanation:
The life policy that offers the owner the opportunity to invest in products such as money-market funds, long-term bonds, and the stock market is a variable life insurance policy. This type of policy combines a death benefit with a savings account that can be invested in various instruments, allowing policyholders to potentially earn higher returns. Policyholders have the ability to choose how their premiums are invested, making these policies more flexible yet subject to greater risk compared to traditional whole life insurance policies.