Carriers issue indexed and variable universal life policies on both extremes of the investment risk spectrum, but significant opportunity lies in between. We propose Managed Variable Universal Life (MVUL), a flexible bottom-up approach that gives life insurance companies the ability to target business objectives at the separate account level with highly customizable subaccount investments that can deliver precise payouts with the use of derivatives. In this paper, we identify the value proposition of MVUL, with our presentation organized as follows: 

• Executive summary and background
• Why MVUL? 
• Sales trends
• Product mechanics
• Account value growth projections
• Structured fund innovation
• Industry professional interviews