Which type of life insurance policy allows the policyowner to vary the premium and death benefit?

Adjustable life insurance does allow some variation in premiums and death benefits, but it is primarily designed to convert between term and permanent coverage. While it provides some flexibility, it does not offer the same level of ongoing adjustments to both premiums and benefits as universal life policies do.

Variable life insurance allows policyholders to invest the cash value in various investment options, impacting the policy's value and potentially its death benefit. However, the structure of variable life focuses more on investment performance rather than the straightforward flexibility in premium payments and death benefits that characterizes universal life.

Modified life insurance typically features lower premiums in the early years, which then increase after a set period. While it involves some changes in premium structure over time, it does not allow for the ongoing adjustments in premium and death benefit amounts that universal life insurance provides.