Which of the following is a common feature of universal life insurance?

Universal life insurance is known for its flexible premium payments, which allows policyholders to adjust the amount and frequency of their premium contributions based on their financial situation and goals. This flexibility is a key characteristic of universal life policies, as it enables individuals to tailor their payment schedule according to their unique needs.

Unlike traditional whole life policies, which often have fixed premiums, universal life insurance provides policyholders with the option to pay higher premiums during certain financial periods or lower them during tighter times. Additionally, the premiums can be exceeded or skipped entirely, as long as there is sufficient cash value accumulated to cover the policy's cost.

This adaptability can be particularly beneficial for individuals who experience varying income levels or prefer to have more control over their insurance financing. It is essential for consumers to understand this feature as it significantly differentiates universal life insurance from other types of life insurance products. The other options refer to features that may not align with universal life insurance, such as fixed premiums, which are contrary to the inherent flexibility that this insurance type provides.