Final answer:
Variable Universal Life Insurance provides flexibility in premium payments, a variable death benefit, and investment options, along with access to the cash value during the policy term, subject to certain conditions and potential charges.
Step-by-step explanation:
Variable Universal Life Insurance (VUL) is a type of permanent life insurance with investment features. Unlike option 'a', VUL policies do not have fixed premiums and a guaranteed cash value. Instead, they offer flexibility in premium payments and a variable death benefit, which aligns with option 'b'. With VUL, policyholders have the ability to invest the cash value in various investment options, potentially increasing the value of the death benefit and cash value available for withdrawal or loans. Nevertheless, these policies do come with risks associated with market volatility. Option 'c' is incorrect because VUL does have an insurance component in addition to investment options. Lastly, option 'd' is not entirely accurate as VUL policies typically do provide access to cash value during the policy term, but this may be subject to fees, potential surrender charges, and policy terms.