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Vul combines features from universal life and variable life insurance into one policy: Web variable universal life insurance is a type of permanent life insurance policy, like whole life insurance. You can adjust the death benefit up or down, as well as. However, variable universal life (vul). Web variable universal life insurance combines permanent insurance protection with an investment account. Vul combines features from universal life and variable life insurance into one policy: Web variable universal life insurance gives you more flexibility than other types of life insurance. These policies could make sense for. Web how does variable universal life insurance work?