All of the following are characteristics of variable whole life EXCEPT?

Variable whole life insurance is a type of permanent life insurance that combines a death benefit with a cash value component that can grow based on investment performance. One of its key characteristics is that the cash value can fluctuate depending on how the underlying investments perform, which aligns with the nature of variable products.

The correct choice is based on the characteristic of guaranteed death benefits. Variable whole life policies generally offer a death benefit that can vary, as it may be influenced by the performance of the investment accounts chosen by the policyholder. Although there is often a minimum death benefit that is guaranteed, the core aspect of variable whole life is that the death benefit can exceed this minimum based on investment performance; however, it does not guarantee a specific amount like some other types of life insurance.

The other options relate to features typical of variable whole life policies: the cash value does fluctuate with investment performance, policyholders have the ability to adjust premiums, and they can choose from various investment options, all of which are integral to this insurance type. Thus, the exclusion of guaranteed death benefits is what makes this choice the characteristic that does not fit with the fundamental aspects of variable whole life insurance.