Which of the following is NOT a feature of variable life insurance?

In the realm of variable life insurance, one of its defining features is the ability to provide a death benefit that can fluctuate based on the performance of the underlying investments. However, variable life insurance typically comes with a guaranteed minimum death benefit, which means that while the death benefit can increase with the performance of the investments, it will not fall below a certain level, ensuring some level of security for the policyholder's beneficiaries.

The correct choice highlights an aspect that does not align with the core characteristics of variable life insurance. The guaranteed death benefit feature can often be present but is not a defining characteristic unique to variable life insurance, as other types of life insurance may also provide a guaranteed death benefit without the variable investment component.

Other options presented in the question showcase typical features of variable life insurance. For instance, the ability to change premium levels provides policyholders with flexibility based on their changing financial needs. Access to professional fund managers indicates that policyholders can have their premiums invested in various mutual fund options that are actively managed. Lastly, the linking of investments to market performance is crucial because the cash value of the policy can rise or fall based on how those investments perform, which is a fundamental aspect of variable life insurance.