Final answer:
Universal Life Insurance is a flexible premium adjustable life policy that allows for premium and death benefit adjustments, unlike Term Life and Whole Life insurance.
Explanation:
Universal Life Insurance can be described as a flexible premium adjustable life policy. It offers the policyholder the flexibility to adjust premium payments and death benefits.
With Universal Life Insurance, the cash value can fluctuate based on market performance and interest rates, allowing for potential growth.
This type of policy contrasts with Term Life and Whole Life insurance, which do not offer the same level of flexibility in premium adjustments.
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