Abstract: The present invention provides a tax-advantaged investment product, particularly, a simplified flexible premium life insurance product, in which the traditional cost of insurance charge is not a separate charge. Instead an asset charge, which is calculated as a percentage of the accrued value of the insurance policy, is deducted from any premiums paid and/or from cash dividends accrued in the policy. The invention provides an easily understood method for the policyholder to understand and predict the future cost of the policy.