Which of the following allows the policy owner to adjust premium payments at will?

The option that allows the policy owner to adjust premium payments at will is Universal Life Insurance. This type of policy is designed with flexible premiums, offering policy owners the ability to vary their premium payments based on their financial situation. Universal life insurance combines life coverage with a cash value component that earns interest. This flexibility means that policyholders can choose to pay higher premiums in some periods or lower premiums in others, depending on their needs and the performance of the policy.

This feature is particularly beneficial for policyholders who may have fluctuating income levels or expenses. It empowers them to maintain their life insurance coverage while managing their budget more effectively. Additionally, policyholders can also adjust the death benefit within certain limits, further personalizing their coverage in line with changing life circumstances or needs.

In contrast, fixed level premium plans, term life insurance, and variable life insurance typically do not offer the same level of premium payment flexibility, making universal life insurance a more adaptable option for many policyholders.