The correct answer is: D. Fluctuate.
Variable life insurance is a type of permanent life insurance policy that allows the policyholder to choose how their premiums are invested. The death benefit and cash value of the policy are then linked to the performance of the underlying investments. This means that the death benefit and cash value can go up or down, depending on how the investments perform.
Option A is incorrect because the death benefit and cash value of a variable life insurance policy do not always go up. In fact, they can go down if the underlying investments perform poorly.
Option B is incorrect because the death benefit and cash value of a variable life insurance policy do not always go down. In fact, they can go up if the underlying investments perform well.
Option C is incorrect because the death benefit and cash value of a variable life insurance policy are not always fixed. They can go up or down, depending on how the underlying investments perform.