Which policy provides flexible premiums and adjustable death benefits?

Universal life insurance is designed to offer both flexibility in premium payments and adjustable death benefits. Unlike whole life insurance, which has fixed premiums and a predetermined death benefit, universal life allows policyholders to decide how much to contribute in premiums above a minimum amount, which can adapt over time based on their financial situation.

Additionally, the policyholder can adjust the death benefit, choosing either to increase or decrease it within certain limits. This flexibility is particularly appealing to individuals who might want to align their life insurance coverage with changes in their financial circumstances or goals over time.

Though variable life insurance also provides some level of flexibility and the potential to adjust death benefits, it primarily allows for investment choices within the policy. Whole life insurance and term life insurance, on the other hand, do not typically offer the same degree of flexibility regarding premium payments and benefits.