What type of insurance combines features of whole life, universal life, and investment components?

The insurance product that combines features of whole life, universal life, and investment components is variable universal life insurance. This type of policy provides the policyholder with flexible premium payments and death benefits, similar to universal life insurance, while also allowing for investment in various sub-accounts, akin to variable life insurance.

Variable universal life insurance offers the potential for cash value growth based on the performance of the selected investment options. This means that, unlike whole life insurance, where the cash value grows at a guaranteed rate, the cash value in a variable universal life policy can fluctuate based on market performance. This provides an opportunity for higher returns, but it also comes with increased risk, as the cash value can decline if the investments perform poorly.

This policy structure allows policyholders the ability to tailor their coverage and investment strategy according to their financial goals and market conditions. As such, variable universal life insurance stands out for its combination of flexibility in premium payments, adjustable death benefits, and investment growth potential.