What type of life insurance policy is characterized by a flexible premium and death benefit while granting the policy owner control over investments?

The type of life insurance policy characterized by a flexible premium and death benefit, while also allowing the policy owner to control investments, is Variable Universal Life insurance.

This policy combines features of both whole life insurance and universal life insurance. The flexibility aspect is highlighted in how policyholders can adjust their premiums and select varying death benefit amounts to suit their financial needs. Additionally, the investment component allows policyholders to allocate cash value among a variety of investment options, such as stocks, bonds, or mutual funds, which can influence the growth of their cash value based on investment performance.

The inclusion of a flexible premium means that holders can pay more or less, depending on their financial situation, while still maintaining their insurance coverage. This adaptability makes Variable Universal Life a suitable option for individuals looking for a more hands-on approach to their life insurance and investment strategy.

In contrast, other policy types mentioned do not offer this level of flexibility or control over investment. Whole Life policies typically require fixed premiums and have guaranteed cash values, while Term Life provides coverage for a specified period without any cash value component. Guaranteed Issue Life is designed for individuals who may have difficulty obtaining coverage due to health issues, but it lacks the investment flexibility seen in Variable Universal Life.