Final answer:
A universal life insurance policy is the best fit for Trevor's scenario as it includes a cash feature and allows for changing the death benefits without obtaining a new policy.
Step-by-step explanation:
A life insurance policy with a cash feature and the ability to change the death benefits without getting a new policy is known as a universal life insurance policy. This type of policy allows the policyholder to build cash value over time and provides flexibility in adjusting the death benefits. Universal life insurance policies are suitable for those who want both insurance coverage and the potential to accumulate savings.
Thus, a life insurance policy is a contract between an individual and an insurance company. In exchange for premium payments, the insurer provides a death benefit to beneficiaries upon the policyholder's death. Policies may also offer cash value accumulation and various options, serving as financial protection and investment tools.