Definition of "Variable Whole Life Insurance"

A form of cash value life insurance where the policy values are linked to a portfolio of securities. The portfolio is separated from the investments of the insurance company and held in a separate account. The portfolio is typically a group of mutual funds established by the insurance company that the policyowner may select from. The policyowner may change the mix of funds that his or her account values are invested in. These products can only be sold by registered representatives.