Final answer:
A variable universal life policy combines the flexibility of a universal life policy with investment choices.
Step-by-step explanation:
The type of policy that combines the flexibility of a universal life policy with investment choices is the variable universal life policy.
Variable universal life insurance is a type of permanent life insurance policy that allows policyholders to invest the cash value portion of their policy in a variety of investment options such as stocks, bonds, and mutual funds.
This gives policyholders the flexibility to potentially earn higher returns on their investments but also exposes them to the risk of investment losses.