Which type of life insurance offers greater flexibility in premium payments and death benefits?

Universal or Adjustable Life Insurance provides greater flexibility in both premium payments and death benefits compared to other types of life insurance. This flexibility allows policyholders to adjust their premiums and death benefits to suit changing financial needs or circumstances. For instance, policyholders can increase or decrease their premium payments, skip payments during financially tight times, or even change the amount of the death benefit based on their current needs or goals.

This type of policy combines features of both term and whole life insurance, giving the policyholder the ability to influence the cash value growth and adapt the policy over time. In contrast, whole life insurance typically requires consistent premium payments and offers a fixed death benefit, while other options like variable life insurance and indexed universal life insurance have their own specific investment-related features which may limit the flexibility in premium payments or adjustments to death benefits.