Which of the following is an element of a Variable Life policy?

A Variable Life policy is characterized by its flexible nature with regard to premiums and benefits. The core feature of a Variable Life policy is that it allows policyholders to allocate premiums among various investment options, which can lead to varying cash values and death benefits depending on the performance of these investments.

The correct answer, flexible premium, highlights the ability to adjust the premium payments according to the policyholder's financial situation. This flexibility is a key component that distinguishes Variable Life from other life insurance products, as it offers greater adaptability to the policyholder's needs. Additionally, Variable Life policies typically have varies benefits that can move with the market, rather than being confined to fixed structures, aligning with the variable aspect of the product.

Contrary to this, options like a fixed, level premium apply to whole life policies, which do not have the same investment component or flexibility. Universal coverage refers to universal life policies, which, while also flexible, do not have the variable investment aspect of a Variable Life policy. Lastly, term coverage focuses on providing death benefits for a specified term and does not encompass the investment component or premium flexibility inherent in a Variable Life policy.