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.

Variable universal life insurance is the only option that encompasses all three key elements: flexible premiums, a death benefit, and the ability to choose how the cash value is invested. This allows policyholders to tailor their policies to their financial goals and risk tolerance.