What Is Variable Life Insurance?

什么是变额寿险？

Variable life insurance is a permanent life insurance product with separate accounts comprised of various instruments and investment funds, such as stocks, bonds, equity funds, money market funds, and bond funds.

变额寿险是一种永久性人寿保险产品，拥有独立账户，该账户由各种工具和投资基金组成，如股票、债券、股票基金、货币市场基金和债券基金。

How Variable Life Insurance Works

变额寿险的作用

In some ways, variable life insurance can be described as a form of securities. Why? Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws. Following the federal regulations, sales professionals must provide a prospectus of available investment products to potential buyers. 

在某些方面，变额寿险可以被描述为一种证券形式。为什么？由于投资风险，变额保单被视为证券合同。它们受联邦证券法的监管。根据联邦法规，销售专业人员必须向潜在买家提供可用投资产品的说明书。

Variable life insurance policies have specific tax benefits, such as the tax-deferred accumulation of earnings. Provided the policy remains in force, policyholders may access the cash value via a tax-free loan. However, unpaid loans, including principal and interest, reduce the death benefit. Additionally, interest or earnings included in partial and full surrenders of the policy are taxable at the time of distribution.

变额寿险保单具有特定的税收优惠，例如收入的递延税项积累。如果保单仍然有效，投保人可以通过免税贷款获得现金价值。但是，对于包括本金和利息在内的未偿还贷款，会减少死亡理赔金。此外，保单部分和全部退保中包含的利息或收入在分配时应纳税。

Variable Life Insurance Advantages

变额寿险的优势

An attractive feature of the variable life insurance product is its flexibility regarding premium remittance and cash value accumulation. Premiums are not fixed, as with traditional whole life insurance or term insurance policies. Within limits, policyholders may adjust their premium payments based on their needs and investment goals.

变额寿险产品吸引人的特质之一是其在保费汇款和现金价值累积方面的灵活性。与传统的终身寿险或定期保单不同，保费不固定。在一定限度内，投保人可以根据自己的需求和投资目标调整保费支付。

For example, if the policyholder remits a premium less than what is needed to sustain the policy, the accumulated cash value compensates for the difference. Although variable life insurance offers this flexibility, it is essential to understand that long-term remittance of reduced premiums can compromise the cash value and the overall status of the policy. Alternatively, policyholders may remit greater premium payments to increase their cash value and investment holdings.

例如，如果投保人汇出的保费低于维持保单所需的保费，累积的现金价值会补偿差额。尽管变额寿险提供了这种灵活性，但必须了解经减少保费的长期汇款可能会损害保单的现金价值和整体状态。或者，投保人可以汇出更多的保费以增加其现金价值和投资持有量。

Unlike whole life insurance, the death benefit is linked to the performance of the separate account funds. A positive aggregate performance could offer increased financial protection to the beneficiary upon the death of the insured.

与终身寿险不同，死亡理赔金与独立账户基金的业绩挂钩。积极的综合业绩可在受保人死亡时为受益人提供更多财务保障。

In addition to the policy's flexibility, the potential for significant investment earnings is another attractive feature. Many policies offer a wide array of investment options ranging from a conservative approach to an aggressive strategy, to suit the needs of most investors.

除了政策的灵活性之外，可观的投资收益潜力是另一个吸引人的特质。许多保单提供了从保守策略到激进策略的广泛投资选择，以满足大多数投资者的需求。

As an added bonus, a few of the best life insurance companies, such as Prudential and New York Life, offer variable life insurance plans.

作为额外奖励，一些最好的人寿保险公司，如保诚和纽约人寿，提供变额寿险计划。

Variable Life Insurance Disadvantages

变额寿险的缺点

Compared to other life insurance policies, variable life insurance is typically more expensive. Premiums paid help cover administrative fees and the management of the plan's investments. The policyholder may need to increase payments to keep the policy active or to maintain a specific death benefit according to the performance of investment products and the premiums remitted.

与其他寿险保单相比，变额寿险通常更贵。支付的保费有助于涵盖管理费和该计划的投资管理费用。根据投资产品的表现和汇出的保费，投保人可能需要增加付款以保持保单有效或维持特定的死亡理赔金。

As a proactive measure, some policyholders submit premiums exceeding the cost of the insurance policy to ensure the guarantees of their policies. Additionally, the policyholder solely assumes all investment risks. The insurer offers no guarantees of performance nor protects against investment losses. The policyholder must exercise due diligence by remaining educated about investments and attentive to the separate account performance.

作为一项积极措施，一些投保人提交了超过保单成本的保费，以确保其保单的担保。此外，投保人独自承担所有投资风险。保险公司不提供履约保证，也不为投资损失提供保护。投保人必须进行尽职调查，保持对投资的了解并关注独立账户的表现。

Like most life insurance policies, individuals are required to undergo full medical underwriting to obtain a variable life insurance policy. Those people with compromised health or those who have other unfavorable underwriting factors may not qualify for coverage or may realize higher premiums.

与大多数寿险保单一样，个人需要接受全面的医疗承保才能获得变额寿险保单。那些健康状况不佳或有其他不利承保因素的人可能不符合承保资格或可能需要缴纳更高的保费。

How is variable life insurance closer to a security than insurance policy?

变额寿险比保单的更安全之处

It has separate accounts comprised of different instruments and investment funds, such as stocks, bonds, equity funds, money market funds, and bond funds. Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws. Following the federal regulations, sales professionals must provide a prospectus of available investment products to potential buyers.

它有单独的账户，由不同的工具和投资基金组成，如股票、债券、股票基金、货币市场基金和债券基金。由于投资风险，变额保单被视为证券合同。它们受联邦证券法的监管。根据联邦法规，销售专业人员必须向潜在买家提供可用投资产品的说明书。

What's a main advantage of the variable life insurance policy?

变额寿险保单的主要优势是什么？

The policy owner chooses how to invest their cash value. Many policies offer a wide array of investment options ranging from a conservative approach to an aggressive strategy, to suit the needs of most investors. This might mean returns that surpass those of other insurance policies.

保单持有人选择如何投资他们的现金价值。许多保单提供了从保守策略到激进策略的广泛投资选择，以满足大多数投资者的需求。这可能意味着回报超过其他保单。

（英文来源：Investopedia）