Final answer:
Universal life insurance combines multiple benefits, including a death benefit and a cash value account, offering flexible premiums and adjustable benefits which make it a broader coverage compared to term, whole, and variable life insurance.
Step-by-step explanation:
The types of policies that combine multiple benefits and provide a broader range of coverage are known as cash-value life insurance policies. Among the options provided, Universal life insurance typically offers the most flexibility and breadth in terms of coverage.
Universal life insurance is a type of permanent life insurance that offers a death benefit and also accumulates cash value. The policyholder can use this cash value account for their financial needs, borrowing against it or even withdrawing funds. This aspect of universal life insurance makes it a policy that not only pays out to beneficiaries upon the policyholder's death but also serves as a financial tool during the insured's lifetime.
Unlike term life insurance, which only offers a death benefit for a specific duration, universal life insurance, like whole life and variable life policies, combines lifelong coverage with an investment component. However, universal life insurance stands out due to its flexible premiums and adjustable benefits, which can be tailored to fit the policyholder's changing needs over time.