Which type of life insurance offers flexible premiums?

Universal life insurance is designed to offer policyholders flexible premiums, which is one of its key features. Unlike term life or whole life insurance, which have fixed premium amounts and payments required, universal life insurance allows policyholders to adjust the amount and frequency of their premium payments within certain limits. This flexibility can accommodate changes in the policyholder's financial situation, allowing them to pay more during times of financial stability and potentially less during times of financial strain.

Additionally, universal life insurance has a cash value component that grows over time, giving policyholders the option to skip premium payments if there's sufficient cash value available to cover the costs of insurance. This adaptability makes universal life an attractive option for individuals who may desire more control over their life insurance expenses and financial planning strategy.