Which feature is held exclusively by variable universal life insurance?

The feature that is unique to variable universal life insurance is that the policyowner has the right to select the investments that will provide the greatest return. This characteristic is fundamental to variable universal life insurance as it allows policyholders to allocate their cash value among a variety of investment options, typically including stocks, bonds, and mutual funds. The performance of these chosen investments can significantly affect the cash value and death benefit of the policy, offering the potential for growth based on market performance.

In contrast, while many life insurance products may allow for adjustments in premium payments or face amounts, these features do not provide the same level of investment control to the policyowner. Moreover, while policyowners of variable universal life insurance can contribute large sums of money, this ability is also present in some other types of universal life policies and is not exclusive to variable universal life. The distinctive aspect of variable universal life insurance lies in the investment choices available to policyholders, which directly tie the policy's growth potential to their selected investment strategies.