Which of the following statements about universal life policies is true?

Universal life policies are designed with flexibility in mind, which is reflected in their ability to offer both flexible premium payments and adjustable death benefits. Policyholders can manipulate the amount and timing of their premium payments, allowing them to pay more than the minimum required premium or make changes to their payment schedule when needed. Additionally, within certain limits, they can adjust the death benefit amount, which provides policyholders with greater control over their policy according to their personal financial situations or needs.

This adaptability is a defining feature of universal life insurance, distinguishing it from more rigid policy types, such as whole life insurance, which requires fixed premiums and provides fixed death benefits. The ability to make adjustments makes universal life policies appealing for those looking for a more personalized approach to their life insurance needs.