This is a type of investment option offered by life insurance companies. Some or all of the value of the initial policy amount is guaranteed to be intact upon maturity (or upon the investor's death) regardless of market fluctuations. Investors may withdraw money from the fund up to the current market value for a fee. They may also have the option to reset the minimum guaranteed value if the fund performs well. As with a life insurance policy, a payout is made directly to the beneficiary upon the death of the investor, bypassing probate. Also called segregated fund.