What is a unique feature of universal life insurance compared to traditional policies?

Universal life insurance is known for its flexibility, which is one of its most appealing features compared to traditional policies, such as whole life insurance. Policyholders have the ability to adjust both the death benefit and the premiums they pay, allowing them to tailor their coverage and costs to their current financial situation or needs. This flexibility can be particularly beneficial for individuals whose financial circumstances may change over time, enabling them to adapt their insurance coverage accordingly.

Other options do not accurately describe universal life insurance. The age restriction suggested in one of the choices is incorrect, as universal life insurance is available to people of various ages, not just those over 60. Additionally, universal life policies do not limit death benefits to fixed amounts; instead, policyholders can often increase or decrease their coverage within certain limits. Lastly, while premiums for universal life insurance can vary in comparison to whole life insurance, it is not correct to generalize that they are always lower, as many factors influence premium pricing for both types of policies.