The Ultimate Guide to Variable Universal Life (VUL): A High-Risk, High-Reward Tool for Californians 📈

By the Expert Team at California Financial | Last Updated: [Current Date]

A Note on E-E-A-T (Experience, Expertise, Authoritativeness, & Trust)

Welcome. Before we dive into one of the most complex financial products on the market, we want to be perfectly clear about our mission. The topic of Variable Universal Life (VUL) Insurance is a “Your Money or Your Life” (YMYL) topic, meaning it can have a significant impact on your financial stability and future.

At California Financial, we take this responsibility with the utmost seriousness. Our entire reputation is built on demonstrating Experience, Expertise, Authoritativeness, and Trustworthiness (E-E-A-T).

Experience: We are not just researchers. We are licensed financial professionals who have spent decades on the front lines, guiding thousands of Californians through these exact decisions. We have seen firsthand how a properly managed VUL can create immense wealth, and—just as importantly—how a poorly understood or neglected VUL can lead to financial disappointment. We bring that real-world, hands-on experience to you.

Expertise: VUL is a securities product.¹ It legally requires specialized licensing (a securities license, like a Series 6 or 7, in addition to an insurance license) to sell.² Our team possesses the necessary knowledge, certifications, and skills to navigate its intricate mechanics, from sub-account allocations to complex tax implications.

Authoritativeness: We are recognized as a go-to source for insurance and financial solutions in California. Our firm is built on a foundation of providing clear, actionable, and state-specific advice to individuals, families, and business owners.

Trustworthiness (Our Core Principle): This is the most important pillar. We believe in 100% transparency. This article will not just highlight the “sizzle” of VUL; it will bluntly and clearly detail its significant risks, high costs, and potential pitfalls. We provide our contact information—(310) 541-1000—and our digital hub at https://CalFin.ai as a public testament to our commitment. We would rather you make an informed “no” decision than a pressured “yes” decision.

This article is designed to be the most comprehensive, honest, and helpful resource on VUL you will find. Let’s begin.

🌟 Part 1: What is Variable Universal Life (VUL) Insurance?

In the vast world of life insurance, you have simple products like Term Life (which is like renting protection) and stable products like Whole Life (which is like owning a home with a fixed mortgage).³

And then, you have Variable Universal Life (VUL) Insurance.

VUL is the “sports car” of the life insurance world. It’s powerful, it’s sophisticated, and it offers thrilling performance potential. But it also requires a skilled driver, has higher maintenance costs, and carries significant risk.

At its core, VUL is a type of permanent life insurance that combines two powerful components into one chassis:⁴

A Tax-Free Death Benefit: This is the “insurance” part. It’s a promise to pay a lump sum of money to your beneficiaries when you pass away, and this payout is almost always 100% tax-free.⁵
A Tax-Deferred Investment Account: This is the “variable” and “universal” part, also known as the cash value. Unlike other policies, the cash value in a VUL is not in a simple savings account. Instead, you—the policyholder—direct this money into a menu of investment options called “sub-accounts.”⁶

These sub-accounts are essentially mutual funds.⁷ They can be invested in stocks, bonds, and money market portfolios.⁸ This means your policy’s cash value is directly tied to the performance of the financial markets.⁹

This is the most important sentence you will read:

When your investments in the sub-accounts do well, your cash value can grow dramatically, far exceeding other types of life insurance. When they perform poorly, your cash value will fall, and you can lose money, potentially even causing your policy to lapse.

VUL is a product that truly embodies the phrase “high risk, high reward.” It is a sophisticated tool for individuals who want to combine their long-term insurance needs with their aggressive, long-term investment goals.

Is a VUL policy the right financial engine for you? The answer is complex. As experts in providing Californians’ insurance needs, we can help you analyze your specific situation.

Get Your FREE, No-Obligation VUL Analysis Today!

Visit Us Online: https://CalFin.ai

Call Our Licensed Experts: (310) 541-1000

🛠️ Part 2: The Mechanics – A Look Under the VUL Hood

To truly understand VUL, you must understand its moving parts. The name “Variable Universal Life” itself tells you exactly how it works.

The “Universal” Part: Flexible Premiums 💸

Like its cousin, traditional Universal Life, a VUL policy offers flexible premiums.¹⁰ You are not locked into one fixed payment. Instead, you have a range:

Minimum Premium: This is the bare-bones amount required to cover the policy’s internal costs (primarily the Cost of Insurance) for that month or year. Our Experience: Consistently paying only the minimum is extremely dangerous in a VUL. A small market downturn can wipe out your minimal cash value and put your policy in danger of lapsing.
Target Premium: This is the recommended premium level designed to keep your policy funded for life and accumulate cash value, assuming a hypothetical (non-guaranteed) rate of return.¹¹
Maximum Premium: This is the most you can pay into the policy each year before it becomes a Modified Endowment Contract (MEC), which would remove many of its tax advantages. Financially savvy individuals often pay this maximum to supercharge the policy’s investment component.¹²

The “Variable” Part: The Sub-Account Investment Engine 📈📉

This is the heart of the VUL. When you pay your premium, a portion is used to pay for the policy’s fees and the Cost of Insurance.¹³ The rest—the “net premium”—is deposited into your cash value account.¹⁴

From there, you become the portfolio manager.

You must choose where to allocate that cash value from a list of sub-accounts offered by the insurer. A typical VUL policy might offer 20-50+ choices, such as:

Large-Cap Stock Funds (e.g., S&P 500 Index Fund)
Small-Cap Stock Funds (Aggressive Growth)
International Stock Funds
Balanced Funds (A mix of stocks and bonds)
Corporate Bond Funds
Money Market Funds (A “safe” cash position)

You bear 100% of the investment risk. The insurance company makes no guarantees about your investment performance.

The “Life” Part: The Flexible Death Benefit 🛡️

Like other Universal Life policies, VULs typically offer two death benefit options.¹⁵ You often can switch between them, though this may require new medical underwriting.

Death Benefit Option	How It Works	Who It’s For
Option A (Level Death Benefit)	The death benefit is a fixed amount. As your cash value grows, the “at-risk” amount for the insurance company decreases. Example: $1M policy. You have $200K in cash value. Your beneficiaries get $1M (your $200K cash value + $800K from the insurer).	The person who wants the lowest possible cost for a permanent death benefit. More of your premium goes to the investment sub-accounts.
Option B (Increasing Death Benefit)	The death benefit is the fixed amount plus your cash value. Example: $1M policy. You have $200K in cash value. Your beneficiaries get $1.2M (the $1M face amount + your $200K cash value).	The person focused on maximum wealth transfer and fastest cash value accumulation (though it has a higher insurance cost, as the insurer is always “on the hook” for the full $1M).

🧾 Part 3: The Core of the Risk – A Deep Dive into VUL Costs & Fees

This is where our commitment to Trustworthiness comes in. VUL policies are not cheap. They are complex machines with many costs, and you must know them. If an agent glosses over these, that is a major red flag.

VULs are notoriously opaque, but the fees generally fall into these categories:

1. Premium-Based Charges (Front-End Loads)

This is a fee deducted directly from each premium payment before it even enters your policy.

What it is: A “sales charge” or “premium load.”
Impact: If you pay a $1,000 premium with a 5% premium load, only $950 goes to work for you. This creates an immediate “drag” on your returns.

2. Cash Value-Based Charges (Annual Fees)

These are deducted from your cash value, regardless of performance.

Mortality & Expense (M&E) Risk Charge: This is a major fee. The insurer charges this to cover the policy’s death benefit guarantee, administrative costs, and their own profit.¹⁶
- Impact: Often 0.75% to 1.50% annually of your entire cash value. This is like a high “expense ratio” on your entire account.
Administrative Fees: A flat monthly or annual fee (e.g., $5-$10/month) just to keep the policy active.

3. Investment-Based Charges (Sub-Account Fees)

These are the fees charged by the mutual fund managers themselves, just like the expense ratios in your 401(k) or brokerage account.

Impact: These can range from very low (0.10% for an index fund) to very high (2.00%+ for an actively managed specialty fund).
The “Stack”: These fees are on top of the M&E charges. An M&E charge of 1.25% plus an average sub-account fee of 1.0% means your investments must earn 2.25% just to break even before any insurance costs!

4. Insurance-Based Charges (The Policy Killer)

Cost of Insurance (COI): This is the most critical and most misunderstood charge. This is the actual monthly cost to insure your life.
How it Works: It is deducted from your cash value every month. This COI is not level. It is based on your “attained age,” meaning the Cost of Insurance gets more expensive every single year as you get older.¹⁷
Why it’s so risky in a VUL:
- In your 30s and 40s, the COI is tiny.
- In your 60s, 70s, and 80s, the COI can become enormous.
- If your sub-accounts have a bad year (e.g., market crashes -20%) and your COI is simultaneously rising, your cash value will be attacked from both sides. It can be depleted very quickly, leading to a policy lapse.

5. Surrender Charges (Back-End Loads)

This is a large penalty fee if you cancel (surrender) the policy in the early years.

How it Works: It’s a “declining” charge, meaning it’s highest in Year 1 (e.g., 15% of your cash value) and slowly grades down to 0% after 10, 15, or even 20 years.
Impact: A VUL is a long-term commitment.¹⁸ You should not buy one if you think you will need to cash it out in the first 10-15 years. You will almost certainly lose money.

Expert Take: The high-fee structure of a VUL creates a significant hurdle.¹⁹ Your investment choices must be good enough to clear these high fees and pay for the rising Cost of Insurance and still grow your cash value. This is why it’s a tool for savvy investors, not beginners.

✅ Part 4: What Variable Universal Life Covers (The “Features”)

Now that you understand the costs, let’s look at the “features” you are paying for. VUL is a multipurpose tool that covers two primary areas: protection and investment.

Primary Coverage: The Death Benefit 👨‍👩‍👧‍👦

This is the core “insurance” component. The tax-free death benefit provides a critical financial safety net for your beneficiaries. It can be used for:

Income Replacement: To ensure your family can maintain its standard of living in your absence.
Mortgage & Debt Payoff: To unburden your loved ones from major debts.²⁰ For many Californians, paying off a high mortgage is a primary goal.
Education Funding: 🎓 To create a guaranteed (assuming the policy is funded) pool of money for children’s or grandchildren’s college education.
Legacy & Charitable Giving: To leave a substantial, tax-free gift to a cause or individuals you cherish.
Estate Tax Liquidity: 🏛️ This is a major use case for VUL. For high-net-worth Californians with large estates (especially those with illiquid assets like real estate or a family business), a VUL policy can provide the immediate, tax-free cash needed to pay estate taxes, preventing the forced sale of those assets.²¹
Business Succession: VUL policies are often used to fund Buy-Sell Agreements, providing the cash for one partner to buy out the deceased partner’s share from their heirs.

Secondary Coverage: The “Living Benefits” of Cash Value 🏦

This is the “variable” component and why most people choose a VUL over other products. You can access the accumulated cash value in your sub-accounts during your lifetime, generally on a tax-favored basis.²²

1. Policy Loans

You can take a loan from the insurer using your cash value as collateral.²³

How it Works: The loan is 100% tax-free (as it’s a loan, not income). It does not require a credit check, and you are not required to pay it back on a fixed schedule.
The “Catch”: The loan accrues interest. If the loan interest rate is high and your sub-account performance is low, the loan balance can eat into your remaining cash value. Any outstanding loan (plus interest) is deducted from the death benefit paid to your beneficiaries.²⁴
Our Experience: This is a powerful tool for temporary cash flow needs, like a bridge loan for a real estate deal or a business opportunity.

2. Withdrawals (or “Partial Surrenders”)

You can simply withdraw money directly from your cash value.

How it Works: You can withdraw an amount equal to the total premiums you’ve paid in (your “cost basis”) completely tax-free. This is a “First-In, First-Out” (FIFO) rule from the IRS.
The “Catch”: Any withdrawals above your cost basis are taxed as ordinary income. A withdrawal permanently reduces your policy’s cash value and death benefit.²⁵
Expert Advice: Withdrawals are best for permanent needs where you don’t intend to pay the money back.

3. Supplemental Retirement Income (The “LIRP” Strategy)

This is one of the most popular and advanced strategies for VUL.

How it Works:
1. You over-fund a VUL policy (pay the maximum premium) during your high-income working years.
2. You choose an aggressive, growth-oriented sub-account allocation.
3. The cash value grows tax-deferred for decades, hopefully at high market rates.²⁶
4. In retirement, you switch to taking tax-free withdrawals (up to your cost basis) and then switch to tax-free policy loans (which you never pay back).
The Goal: To create a tax-free stream of retirement income that doesn’t count towards provisional income, meaning it doesn’t cause your Social Security benefits to become taxable. This is an incredibly powerful strategy if the market cooperates.

Want to See a Personalized VUL Retirement Illustration?

This “LIRP” (Life Insurance Retirement Plan) strategy is complex. As experts in providing Californians’ insurance needs, we can model this for you.

Visithttps://CalFin.aior call (310) 541-1000 for a free, no-obligation projection.

❌ Part 5: What VUL Does NOT Cover (The Exclusions & Brutal Truth)

This section is critical for Trustworthiness. We believe you must understand what this product is not. Many agents will sell the “sizzle,” but our experience has taught us that clients must understand the exclusions to be truly protected.

Standard Policy Exclusions (The Fine Print)

The Suicide Clause: 😔 Nearly all life insurance policies (VUL included) have a 2-year suicide clause. If the insured dies by suicide within the first two years of the policy, the company will not pay the death benefit. It will only return the premiums paid (or the cash value, whichever is greater).
Material Misrepresentation: If you lie on your application (e.g., you hide a smoking habit, a serious medical diagnosis, or a hazardous hobby) and the company discovers it within the first two years (the “contestability period”), it can deny the claim or rescind the policy.
Illegal Activity / War: If your death occurs as a direct result of committing a felony or (in some policies) during an act of war, the claim may be denied.

The Real Dangers: What VUL Does NOT Cover

This is what truly separates VUL from other policies.

1. It Does NOT Cover Market Losses. 🛑This is the core risk. You bear 100% of the investment risk. If you allocate your $100,000 cash value into an S&P 500 sub-account and the market drops 25%, your cash value is now $75,000 (minus all the fees and COI). The insurance company does not protect you from this loss.
2. It Does NOT Guarantee a Rate of Return. 🚫Unlike Whole Life, which has a guaranteed (but low) interest rate, a VUL has zero guarantees on its investment performance. An agent might show you an “illustration” projecting an 8% or 10% average return. This is a hypothetical projection, NOT a guarantee. You could just as easily average 2% or even -5% over a decade.
3. It Does NOT Guarantee Your Policy Will Stay In-Force. ⚠️This is the most dangerous misconception. A VUL can, and often does, LAPSE. If you underfund the policy (don’t pay enough premium) AND your sub-account investments perform poorly, the high internal costs (especially the rising COI) will rapidly deplete your cash value.27 If the cash value hits zero, you will get a “grace period” notice. If you don’t pay a large premium to catch it up, the policy will terminate, and you will lose everything—all your premiums paid and your death benefit. This often happens to people in their 70s or 80s when they need the coverage most.

⚖️ Part 6: The In-Depth Analysis – Pros vs. Cons of VUL

A VUL policy is a double-edged sword. Here is our expert, experience-based breakdown of its benefits and its significant drawbacks.

✅ The Pros (The “Sizzle” – Why People Buy VUL)

Highest Upside Potential (Uncapped Returns): 🚀 This is the #1 reason. Unlike Whole Life (low, guaranteed returns) or Indexed UL (capped returns), VUL offers direct, uncapped market participation.²⁸ If your S&P 500 sub-account returns 25% in a year, you get that 25% (minus internal fees).
Ultimate Flexibility: As a “Universal Life” product, you can adjust your premium payments.²⁹ You can pay more in good years to supercharge your investments and (if you have enough cash value) pay less in lean years.³⁰ You can also adjust your death benefit.
Powerful Tax Advantages (The “Triple-Tax-Free” Myth):
- Tax-Deferred Growth: Your investments grow without you paying capital gains taxes each year.³¹
- Tax-Free Death Benefit: Your heirs receive the payout 100% income-tax-free.
- Tax-Favored Access: You can access your cash value via tax-free withdrawals (to basis) and tax-free loans.³²
Investment Control & Transparency: You (and your advisor) get to choose how your money is invested. You get a prospectus and can see exactly which sub-accounts you own and how they are performing.
Inflation Hedge: Because its growth is tied to the stock market, the cash value and (if you have Option B) the death benefit have a much better chance of keeping pace with inflation over the long run compared to a fixed-return policy.

⚠️ The Cons (The “Steak” – The Brutal Reality)

MARKET RISK – YOU CAN LOSE MONEY: 🛑 (This cannot be overstated). There is no “floor.” A -30% market crash is a -30% loss to your cash value (plus fees). You are taking on the same risk as you would in a brokerage account.
EXTREMELY HIGH FEES: 🧾 The “fee stack” (Premium Loads + M&E + Admin + Sub-Account Fees + COI) creates a massive drag on your returns. Your investments have to work much harder just to break even, let alone produce the high returns shown in illustrations.
SIGNIFICANT RISK OF POLICY LAPSE: ⚠️ As we’ve detailed, the combination of market risk and the rising Cost of Insurance (COI) is a lethal cocktail. A VUL policy must be funded aggressively and reviewed at least annually to ensure it’s not on a path to lapsing.
COMPLEXITY – NOT FOR BEGINNERS: This is a securities product wrapped in an insurance product. It requires a sophisticated understanding of investments, fees, and insurance mechanics.
REQUIRES ACTIVE MANAGEMENT: This is not a “set it and forget it” product. You or your advisor must actively monitor your sub-account allocations, rebalance, and adjust for market conditions.³³ You must also review your policy’s performance annually to see if your premiums need to be increased.
HIGH SURRENDER CHARGES: It is an illiquid product. You cannot get your money out easily or cheaply in the first 10-15 years.

Summary: VUL vs. IUL vs. Whole Life

This is a question our clients ask daily. Here is a high-level comparison.

Feature	Variable Universal Life (VUL)	Indexed Universal Life (IUL)	Whole Life (WL)
Primary Goal	Maximum Growth Potential	Growth with Protection	Guarantees & Stability
Cash Value Growth	Direct Market Investment (in Sub-accounts)	Linked to Market Index (e.g., S&P 500)	Guaranteed Interest + Non-Guaranteed Dividends
Upside Potential	UNLIMITED 🚀	CAPPED (e.g., at 9-12%)	LOW (e.g., 3-5%)
Downside Risk	UNLIMITED (Full Market Loss) 📉	PROTECTED (0% Floor)	NONE (Guaranteed)
Risk Level	HIGH 🔴	MEDIUM 🟡	LOW 🟢
Fee Level	Very High	High	(Bundled, but high)
Flexibility	High (Premiums & Death Benefit)	High (Premiums & Death Benefit)	Low (Fixed Premiums)
Best For…	The Savvy, High-Risk Investor	The “Want-to-Beat-the-Bank-but-Hate-Losing” Investor	The “Slow-and-Steady,” Risk-Averse Investor

🤔 Part 7: Who is VUL Really For? (Our Expert Candidate Profile)

In our experience as California-based financial professionals, we have found that VUL is an outstanding fit for a very specific client, and a dangerously poor fit for most others.

👍 VUL is an EXCELLENT fit for:

The Savvy, High-Income Earner: 👩‍⚕️👨‍💻 Individuals (doctors, lawyers, tech executives, business owners) who have already maxed out their other tax-advantaged accounts (like their 401(k) and IRA) and are looking for the next “bucket” to invest in on a tax-deferred basis.
The Aggressive, Long-Term Investor: Someone who is comfortable with market volatility, has a high risk tolerance, and understands that they will have up and down years.³⁴
The Long-Time-Horizon Client: VUL is a 20+ year product. It is not for someone nearing retirement. It’s for people in their 30s, 40s, or early 50s who have decades for the market to compound.
The Estate Planner: 🏛️ A high-net-worth individual who needs a large, permanent death benefit for estate tax purposes and wants to use their cash value to potentially grow that benefit even larger.
The “Hands-On” Client: Someone who enjoys finance and wants to be actively involved in managing their policy’s investments with their advisor.

👎 VUL is a TERRIBLE fit for:

The Risk-Averse Individual: 🛑 If you get stomach-aches watching the stock market, do not buy this product. You should be looking at Whole Life or Indexed UL.
Anyone on a Tight Budget: 🛑 If you are trying to get the “cheapest” permanent insurance, VUL is not it. The high fees and lapse risk make it a poor choice. A Guaranteed UL (GUL) would be far superior.
The Inexperienced Investor: 🛑 If you don’t know the difference between a stock and a bond, you should not be managing a VUL.
The “Set-It-and-Forget-It” Client: 🛑 This policy will fail if left unattended. It requires active monitoring and funding.
Anyone Needing Short-Term Coverage: 🛑 If you just need to cover a 30-year mortgage, buy Term Life Insurance. It is a fraction of the cost and 100% effective for that temporary need.

❓ Part 8: Our Expert Answers to Your “People Also Ask” (FAQ)

We monitor what our clients and fellow Californians are searching for. Here are expert answers to the most common questions.

Q: Can you actually lose all your money in a VUL?

A: Yes. You can lose money in two ways.

Investment Loss: Your sub-accounts can lose value, decreasing your principal.³⁵
Policy Lapse: If your cash value hits zero (due to a combination of investment losses, high fees, and rising COI), your policy will terminate.³⁶ You will lose all premiums you paid and your death benefit.

Q: Is VUL a good retirement savings tool?

A: It can be, but only for the specific “ideal candidate” we described above (high-income, high-risk-tolerance, maxed-out 401k). For this person, it can be a powerful “LIRP” strategy to create tax-free retirement income. For the average person, a 401(k), Roth IRA, and traditional brokerage account are far simpler, cheaper, and more appropriate.

Q: What happens if I just stop paying my VUL premium?

A: Unlike Whole Life, the policy won’t necessarily lapse immediately. The policy will begin to “self-fund” by deducting the high monthly costs (COI, M&E, etc.) directly from your cash value. If your investments are doing well, this might last a while. If the market is down, this will rapidly accelerate the depletion of your account and lead to a policy lapse.

Q: How is a VUL different from just “buying term and investing the difference”?

A: This is the classic debate. “Buying Term and Investing the Difference” (BTID) in a brokerage account is simpler and gives you more liquid access to your money.

However, VUL offers three things BTID does not:

Tax-Deferred Growth: In a brokerage account, you pay capital gains and dividend taxes every year, which creates a “tax drag” on your returns.³⁷ VUL grows tax-deferred.
Tax-Free Access: You cannot take a tax-free loan from your brokerage account. You must sell assets and pay capital gains tax.
Tax-Free Death Benefit: The death benefit is tax-free.38A VUL is a tax-wrapper and an insurance policy. BTID is just an investment.

🏁 Conclusion: Your Next Step to Financial Clarity

Variable Universal Life Insurance is a powerful, complex, and high-stakes financial instrument. It is not a “one-size-fits-all” solution. It is a specialized tool for a specific type of investor who needs both permanent life insurance and an aggressive, tax-advantaged investment vehicle.³⁹

It offers the potential for market-beating returns, but it comes at the cost of high fees and significant risk, including the loss of your principal and your policy.⁴⁰

This is not a product you should ever buy from a website or an 800-number. It requires a face-to-face (or virtual) conversation with a qualified, dual-licensed professional who has the Expertise (securities and insurance licenses) and Trustworthiness (willingness to tell you the bad news) to guide you.

As experts in providing Californians’ insurance needs, our team at California Financial is uniquely positioned to do just that. We can analyze your entire financial picture—your income, your risk tolerance, your 401(k), your family’s needs—to determine if a VUL is a smart fit… or if a different tool (like an IUL, WL, or simple Term) makes more sense.

Your family’s financial future is too important for guesswork.

Ready to See if VUL Fits Your Financial Plan? 🚀

Get a FREE, No-Obligation VUL Consultation from a trusted California expert. We will provide a transparent, easy-to-understand analysis of your options, including a full fee breakdown and realistic (not over-inflated) projections.

Visit Our Website to Get Started:

https://CalFin.ai

Or Call Our Team Directly:

(310) 541-1000

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Legal Disclaimer:

This article is for informational and educational purposes only and should not be considered financial, legal, or tax advice. The information is provided by California Financial and is believed to be accurate as of the date of publication.

Variable Universal Life (VUL) insurance is a securities product and is subject to investment risks, including the possible loss of principal.41 The cash value will fluctuate with the performance of the underlying sub-account investment options. The policy may lose value or lapse.

Before purchasing a VUL, you should carefully consider the policy’s objectives, risks, charges, and expenses. The policy and sub-account prospectuses contain this and other important information.42 Please read the prospectuses carefully before investing or sending money.

All policy guarantees are based on the financial strength and claims-paying ability of the issuing insurance company.43 Accessing cash value through loans or withdrawals will reduce the policy’s cash value and death benefit, may increase the chance of policy lapse, and may have tax consequences.44 You should consult with a qualified and licensed financial professional (who holds both insurance and securities licenses), as well as a legal or tax advisor, to discuss your individual situation and financial goals.

Our website: https://CalFin.ai

Variable Universal Life (VUL) Insurance