What type of insurance gives the policy owner the flexibility to choose both premium amounts and death benefits?

The type of insurance that provides the policy owner with the flexibility to choose both premium amounts and death benefits is adjustable life insurance. This form of insurance allows policyholders to adjust their premium payments and the amount of death benefit coverage as their needs change over time.

With adjustable life insurance, the policyholder can increase or decrease the death benefit, which in turn can affect the premium payments. This adaptability is particularly beneficial for individuals who may experience changes in their financial situation, allowing them to tailor their insurance to fit their current circumstances.

Other types of insurance mentioned have different structures. For instance, term insurance generally provides a fixed death benefit for a specified term with no cash value accumulation, and the premiums are also typically fixed. Universal life insurance offers some flexibility in premium payments and death benefits, but it does not provide the same level of interchangeability as adjustable life insurance. Whole life insurance, on the other hand, typically has fixed premiums and death benefits throughout the life of the policy.