As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Take care to ensure these strategies and products are suitable for your long-term life insurance needs. Also, be aware that market volatility can lead to the possible need for additional premium in your policy. Investors should evaluate the impact of their financial ability to continue premium payments and the market risk associated with the variable product on the risk of lapse of the insurance policy.
Also, know that any loans, withdrawals, and surrenders, partial or whole, can adversely affect the death benefit, may have adverse tax consequences, and could result in the policy lapsing. Variable life insurance has fees and charges associated with it that include a cost of insurance that varies with such characteristics of the insured person as gender, health and age, underlying fund charges and expenses, and additional charges for riders that customize a policy to fit your individual needs.