Which policy is characterized by a flexible premium and death benefit and allows the policy owner control over investment plans?

Variable universal life insurance is a type of permanent life insurance that blends features of both whole life and universal life policies, providing significant flexibility to the policy owner. This policy allows for variable premium payments, meaning that the insured can adjust the amount they pay into the policy and the frequency of these payments, aligning it with their financial situation and goals.

Additionally, the death benefit can vary, giving the policyholder the option to choose a level death benefit or one that increases over time, depending on the investment performance of the cash value portion of the policy.

One of the standout features of this policy is that it offers policy owners the ability to control how their cash value is invested. They can allocate funds among a variety of investment options such as stocks, bonds, and mutual funds, enabling them to potentially grow their investment more than in traditional whole life policies, which usually have a fixed interest rate.

This combination of flexibility in premiums and investment options, along with customizable death benefits, makes variable universal life insurance a unique choice among life insurance products.