What provision is NOT required in a variable life contract?

In a variable life insurance contract, accidental death coverage is not a required provision. Variable life insurance primarily focuses on providing a death benefit to the policyholder while allowing the cash value to be invested in various options such as stocks and bonds.

The other provisions listed—investment options, cost of insurance charges, and policy loans—are standard features in variable life contracts. Investment options are crucial because they determine how the cash value of the policy is allocated and can significantly impact the policy's growth and the overall performance. Cost of insurance charges reflect the expenses associated with maintaining the life insurance coverage and are necessary to sustain the policy. Lastly, policy loans provide policyholders with the ability to borrow against their cash value, enhancing the product's flexibility.

Since accidental death coverage is not a necessary component of a variable life policy, it allows for more versatility in structuring the coverage aligned with the policyholder's needs and objectives.