Variable Life Insurance. This is a kind of permanent life insurance, except the cash value is reinvested in a number of “subaccounts” that are similar to mutual funds. Watch out for these! These quasi “investment” vehicles are bogged down with fees, huge commissions, and actively managed funds. They also have high surrender charges if you want to get out. The only exception is a tool for the ultra-affluent called private placement life insurance (PPLI, or sometimes referred to as rich-man’s Roth), where there is no commission paid, no surrender charges, and few limitations on the investments
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