Final answer:
Universal Life policies do NOT provide the choice of fixed or level premiums.
Step-by-step explanation:
A Universal Life policy does provide the cash value invested in a separate account, giving policyholders the opportunity to accumulate savings within the policy. It also offers flexibility in premium payments, allowing the policyholder to adjust the amount and frequency of premium payments. Additionally, Universal Life policies can provide a minimum guaranteed interest rate on the cash value, ensuring a certain level of growth.
However, a Universal Life policy does not provide the choice of fixed or level premiums. Unlike Whole Life policies, which have a fixed premium amount for the life of the policy, Universal Life policies allow for flexible premiums that can be adjusted based on the policyholder's needs and preferences.