variable life insurance

  • A form of life insurance contract under which the benefits, payable upon death or surrender, and/or the premiums vary with the investment performance of the assets derived from the sale of those contracts.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).