What is a flexible premium life insurance policy?

A flexible premium life insurance policy is a policy that has an initial premium with flexible premiums thereafter. What does this mean? A policyowner can select both the future amount and frequency of premiums, or can stop and start premium payments at his or her discretion. Variable universal life is a type of flexible premium life insurance policy which provides life insurance protection with long-term investment growth potential of the policy's account value. You may increase or decrease planned periodic premium payments, skip premiums or make additional premium payments within limits. You may also increase, subject to insurability, or decrease, within limits, your coverage without having to purchase a new policy