What Is A Flexible Premium Life Insurance Policy? 
A flexible premium life is also called Universal Life . It is a hybrid of term insurance with a built in cash feature that accumulates interest . It is called flexible premium because technically there is no set premium , unlike Whole Life or Term . You can put as much in it as you want if you would like the cash value feature to grow , or as little as you want , even skip premiums as long as there is enough in the cash fund to pay for the term insurance component . 