How Does Flexible Universal Life Insurance Work? 
Flexible Universal Life Insurance has four policy types : current assumption universal life , indexed universal life and variable universal life -LRB- VUL -RRB- . -LRB- Guaranteed universal life in terms of flexibility does n't fit the adjective in the question , which is why its omitted . -RRB- There are two sets of rates : current company practice and contractual guarantees . The cost of insurance , front end premium loads , policy fees , admin charges and the credited earnings -LRB- or losses , in the case of VUL . -RRB- These three may have flexibility of altering the premium and death benefit to contour with the financial changes of the policy owner . 