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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Variable Life Insurance

Synonyms:variable death benefit, variable life insurance benefit
Acronyms &
Filed Under: estate-management, insurance
Tags: insurance, life insurance

Definition of variable life insurance (VLI)

variable life insurance (VLI)
1. A life insurance policy that allows the policyholder to allocate a portion of his or her insurance premiums into an account within the insurance company's investment portfolio which is comprised of a variety of financial instruments such as stocks, bonds, and equity funds. Due to investment risks the beneficiaries will receive a variable death benefit.

Related Terms and Acronyms:

  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • flexible premium variable life insurance (FPVLI)
  • general account (GA)   Investments and assets that an insurer uses for paying benefits and claims.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • second-to-die insurance   Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
  • segregated fund   Investment vehicles that feature both maturity and death guarantees. Segregated funds share similarities with mutual funds but are categorized as insurance products.
  • variable death benefit   A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
  • variable universal life insurance (VULI)   A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.

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