Which of the following is a factor that impacts the net amount at risk in universal life insurance?

The net amount at risk in universal life insurance refers to the difference between the death benefit and the cash value of the policy. This value is primarily influenced by the underwriting factors associated with the individual insured. Elements like health status, gender, smoking habits, and occupation play critical roles in determining the risk profile of the insured.

For instance, an insured individual with health concerns may have a higher mortality risk, thus increasing the net amount at risk for the insurer. Similarly, a smoker generally poses a higher risk compared to a non-smoker, reflecting in the net risk calculation. Gender can also be a factor since statistical data shows differing life expectancies for different genders. Occupation is relevant as certain jobs carry higher risks than others, which can also affect the overall insurance underwriting process.

In contrast, the other options address aspects that do not directly impact the net amount at risk as determined by the risk profile of the insured. Client's income level does not influence the calculation of risk for the insurer but rather affects affordability and suitability of the insurance product. The type of investments chosen by the insured pertains to the growth of the cash value in the policy rather than the death benefit risk, and the length of insurance coverage, while relevant to policy terms, does not