Jack and Jill have a flexible premium adjustable life policy that has a level death benefit; what type of policy do they have?

Jack and Jill have a flexible premium adjustable life policy with a level death benefit, which indicates they possess a Universal Life Policy with Death Benefit A. In Universal Life Insurance, policyholders have the flexibility to adjust their premiums and, to some extent, the death benefit. Death Benefit A specifically refers to a policy structure where the death benefit remains level while the cash value may fluctuate based on the premiums paid and the interest credited. This allows the policyholders to maintain the same amount of coverage, providing financial security to beneficiaries while offering the potential for cash value accumulation.

Choosing Death Benefit A means the death benefit does not change as the cash value grows, which is aligned with the description of Jack and Jill's coverage. This type of policy serves a specific need for flexibility and guarantees a consistent death benefit, making it an excellent choice for many people seeking life insurance.

In contrast, the other types of policies mentioned, such as Whole Life and Term Life, do not fit the criteria provided. Whole Life policies offer fixed premiums and guaranteed death benefits without the flexibility of adjusting premiums; Term Life policies provide coverage for a specified period without any cash value component. Death Benefit B, on the other hand, would involve a death benefit that increases with cash value growth, which