Number of years before an investor in a policy with a stepped-up death benefit has the option to replace the initial base death benefit (total premiums less withdrawals) with the current value of the variable life contract. This number will vary from policy to policy. Moreover, an investor will have another opportunity to "step up" his or her death benefit to the contract's current value in another specified number of years.
Benefits
Investors should study a variable product's death benefits in order to understand how they might affect the overall investment. Benefit types vary greatly, making them either more or less attractive, according to the investor's needs.