These are products based on segregated funds. A segregated fund is an investment that you hold within an insurance contract. The term “segregated” refers to the fact that the investments are held outside and separate from the general assets of the insurance company. It is an insurance product that provides protection plus professional money management.
It is very similar to a mutual fund in that there is professional money management and diversification of investments involved but different in that it provides additional creditor protection more beneficiary designation options and in most cases some kind of maturity or death benefit guarantee of principal or a percentage of principal.
It typically provides less worry at a higher cost which is used to provide the guarantees.