Final answer:
Adjustable life, universal life, and variable life insurance policies all have a cash value component, which serves as a financial account that can grow and be accessed by the policyholder.
Step-by-step explanation:
The similarity between adjustable life, universal life, and variable life insurance policies is that c) policies have a cash value component. These types of policies combine death benefit protection with a cash value component that can grow over time and may be used by the policy owner under certain conditions. This cash value can be borrowed against or even withdrawn, potentially providing financial flexibility to the policyholder.