Which life insurance product features cash values not guaranteed and fluctuates with portfolio performance, typically requiring a securities license to sell?

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Cash values that aren’t guaranteed and can swing with portfolio performance point to an investment-based life policy. In this type, the cash value is placed in separate accounts that behave like investment subaccounts (often similar to mutual funds). The policyholder bears the investment risk, so the cash value can rise or fall based on market results after fees. Because it involves investing in securities, selling this policy typically requires a securities license in addition to a life insurance license.

Term life has no cash value to fluctuate. Whole life offers a guaranteed, fixed cash value with a fixed premium. Juvenile life isn’t defined by this investment-based feature. Therefore, the described product is variable life insurance.