Which of the following policies is characterized by flexible premium payments?

Variable universal life insurance is characterized by flexible premium payments because it combines features of both whole life and universal life insurance policies. Policyholders have the ability to adjust the amount and timing of their premium payments within certain limits. This flexibility allows them to either pay more in order to build cash value more quickly or pay less during times of financial strain, as long as the minimum premium requirements are met.

Additionally, variable universal life insurance allows policyholders to allocate their cash value to a variety of investment options, which can lead to potential cash value growth based on the performance of those investments. This flexibility is a key distinguishing feature compared to more traditional policies, such as whole life insurance, which generally requires fixed premium payments and offers guaranteed cash values.

Term life insurance typically has fixed premiums throughout the term of the policy, and group life insurance often has set premiums determined by the group as a whole, lacking individual premium flexibility.