What type of life insurance policy is generally considered more flexible in terms of premium payments?

Universal life insurance is considered more flexible in terms of premium payments because it allows policyholders to adjust both the amount and frequency of their premium payments within certain limits. This flexibility is a defining characteristic of universal life policies, as they combine life insurance coverage with a cash value component that earns interest.

Policyholders can opt to pay more than the minimum premium required, which increases the cash value, or they can pay less or even skip payments as long as there is enough cash value to cover the cost of insurance. Additionally, if the policyholder accumulates sufficient cash value, they can also borrow against it or withdraw funds while still keeping the insurance coverage intact.

The other types of life insurance mentioned—term life, whole life, and variable life—do not offer the same degree of flexibility. Term life typically requires fixed premiums for a set term, whole life has fixed premiums and guaranteed cash values, while variable life allows for some investment options but generally sticks to set premium schedules. Thus, universal life stands out for its ability to cater to changing financial situations and preferences of policyholders over time.