Both Universal Life and Variable Universal Life policies have which common feature?

Universal Life and Variable Universal Life insurance policies share the common feature of flexible premium. This means that policyholders have the ability to adjust the amount and timing of premium payments within certain limits set by the insurer.

With flexible premium options, individuals can choose to pay more in years when their financial situation allows, or pay less during years when they may have tighter budgets. This flexibility is a significant advantage for policyholders who prefer to have control over their cash flow and the amount they invest in their life insurance policy.

In contrast, other options like level fixed premium, decreasing premium, and increasing premium are characteristics typically associated with more traditional types of insurance policies, which do not offer the same flexibility in premium payments but rather require fixed, consistent amounts payable at regular intervals.