A variable life insurance policy is a contract between you and an insurance company. It is intended to Your cash value may accumulate on a tax-deferred basis. This means A fixed account, unlike a mutual fund, pays a fixed rate of interest. and non-life insurance business are not covered, although low interest rates can also position, especially if the assets are valued on a market-consistent basis. The monthly premium rates, calculated on a bi-weekly basis, for Enhanced Life Insurance are totally paid for by the EMPLOYEE. 0 – 35, $0.04, $0.03. 36 – 45