Which option defines a level death benefit for Variable Universal Life insurance?

A level death benefit in Variable Universal Life insurance is defined as the death benefit being equal to the specified amount only. This means that no matter how much the cash value of the policy fluctuates, the amount that will be paid out upon the insured’s death remains constant at the specified amount.

This feature is particularly appealing to policyholders who want stability in their life insurance benefit, regardless of the performance of the investment component of the policy. It ensures that beneficiaries will receive the guaranteed sum, which can be crucial for individuals planning for financial obligations such as mortgage payments or education expenses.

The other options do not reflect the concept of a level death benefit. For instance, if the death benefit were to include cash value, or was defined by total premiums paid or any amount less than the cash value, it would suggest that the death benefit is variable or dependent on the investment performance or policy contributions, which diverges from the principle of a level death benefit.