All of the following are characteristics of a Variable Life insurance policy EXCEPT:

A Variable Life insurance policy typically features a death benefit that can change based on the performance of the investments chosen by the policyholder. This is one of the defining traits of this type of policy. While the cash value within the policy can fluctuate due to investment performance, the death benefit itself is not fixed – it may either increase or decrease depending on how the investments perform.

In contrast, a fixed death benefit implies a guaranteed amount that will be paid to beneficiaries upon the death of the insured, regardless of investment performance. This assurance is not a characteristic of Variable Life policies, making the notion of a fixed death benefit inconsistent with how these policies operate. Therefore, stating that a Variable Life insurance policy has a fixed death benefit is incorrect, as it misrepresents the core aspects of this insurance product.