What is a key feature of a flexible premium life insurance policy?

A flexible premium life insurance policy is characterized by its ability to allow premium payments to vary. This means that policyholders can adjust their contributions based on their financial situation or needs, either making larger payments during some periods or smaller ones at other times. This flexibility is beneficial for individuals whose financial circumstances may change, as it allows them to manage their coverage costs more effectively over time.

The other options do not accurately define this type of policy. A feature that imposes fixed premium payments would contradict the inherent flexibility of this insurance, while a policy that provides only a death benefit does not capture the full scope of flexible premium policies, which often include cash value accumulation. Similarly, while flexible premium policies may have certain guarantees, such as a minimum death benefit, they do not universally guarantee a specified cash value, as that can depend on a variety of factors including the performance of the policy's investments.