With variable universal life, you choose how to invest the premiums. You are given a number of investment accounts to choose from, ranging from conservative to aggressive portfolios. A Variable Universal Life policy is a viable choice to consider if you can tolerate the higher degree of risk involved. However, Variable Universal Life returns depend on market conditions. Therefore, when the market falls, so will your returns. Variable Universal Life typically allows you to raise or lower your premiums on an annual basis. This flexibility with premium payments is a key advantage of Variable Universal Life.