Which type of life policy contains a monthly mortality charge as well as self-directed investment choices?

Variable Universal Life insurance is a type of permanent life insurance that combines features of both whole life policies and variable life policies. The key characteristics of this policy include a monthly mortality charge, which is the cost of insurance coverage that varies based on the insured's age and health, and a self-directed investment option.

Unlike traditional whole life insurance, where the policyholder has limited control over how the cash value is invested, variable universal life allows the policyholder to choose from a variety of investment accounts, such as stocks, bonds, or mutual funds. This gives policyholders the potential for greater cash value growth, but also comes with increased risk, as the cash value can fluctuate based on market performance.

Whole life insurance offers guaranteed death benefits and cash value accrual but does not provide the same level of investment control. Term life insurance is purely a death benefit with no cash value element, and while group life insurance provides coverage through a collective agreement, it lacks individual investment choices or a mortality charge associated with individual policies.

In summary, the combination of a monthly mortality charge and the option to manage investments distinguishes variable universal life insurance from the other types of life insurance listed.