What type of life insurance incorporates flexible premiums and an adjustable death benefit?

The type of life insurance that incorporates flexible premiums and an adjustable death benefit is Universal Life insurance. This type of policy allows policyholders to adjust both the amount and frequency of their premium payments, which can help accommodate changes in their financial situation over time. Additionally, the death benefit can be modified to meet the changing needs of the policyholder, either increasing for added coverage or decreasing if less coverage is desired.

Universal Life insurance is designed to be adaptable and features an investment savings element that can grow over time, which further enhances its flexibility. This way, policyholders are provided with both the protection of life insurance and the benefits of potential cash value accumulation, giving them the power to tailor their policy to fit their personal financial goals and needs as circumstances change.

Other options like the Endowment Policy, Modified Whole Life, and Decreasing Term do not offer the same level of flexibility regarding premium payments and death benefits, making them less suited for this question. Specifically, an Endowment Policy typically pays a death benefit if the insured dies within a specified period or pays out the face amount when the insured reaches a certain age, but without the adjustable features. Modified Whole Life offers some flexibility, but it's generally less than Universal Life. Decreasing Term life insurance