The long-term use of a money market fund is probably a mistake because in periods of declining or stable interest rates the fixed account will very likely have higher yields. Policy Expenses Reducing policy expenses by selecting the right company and policy is money in your account. You can judge the quality and variety of funds available from them for yourself by obtaining their prospectus. If the policy design desired is of the defined-contribution variety, any variable life investment strategy will work. If the policy design desired is defined-benefit coupled with investing in equities, you must accept premium uncertainty and have the capacity to fund much larger premiums if necessary.
Variable life can do anything whole or universal life can do but with considerably more flexibility.
Last year, the Clinton administration made an unsuccessful run at changing the taxation of variable life by requiring that any gain be recognized when moving from one sub-account to another. Be alert to this coming up again.