An insured wants to purchase a policy with three key elements: flexible premium, death benefit, and the choice of how the cash value will be invested. The insured should purchase:

Adjustable life insurance provides some flexibility in premiums and death benefits but does not offer the same level of investment choice for the cash value as variable universal life. It typically allows for adjustments in coverage and payment amounts but lacks the investment component that can change based on market conditions.

Universal term life insurance is primarily focused on providing a death benefit for a specified term and does not accumulate cash value. While it offers some premium flexibility, it does not include the investment options for cash value that are characteristic of variable universal life policies.

Graded premium whole life insurance features fixed premiums that increase over time, along with a guaranteed death benefit and cash value accumulation. However, it does not provide the flexibility in premium payments or the investment choices available in variable universal life, making it less suitable for the insured's needs.