What flexibility does Universal Life Insurance provide regarding insured individuals?

Universal Life Insurance is designed to offer significant flexibility in terms of coverage. One of its key features is the ability to add or substitute multiple lives as insured individuals under a single policy. This flexibility is particularly beneficial for policyholders who may wish to adjust their coverage based on changing family or financial circumstances.

For instance, a policyholder can add a spouse or children to the policy or make changes to the insured parties as their needs evolve, ensuring that they can adapt their coverage to provide adequate protection for those who matter most. This adaptability makes Universal Life Insurance attractive for individuals seeking to maintain financial security for their dependents under varying life situations.

The other options suggest a more restrictive approach to policy management, which is not aligned with the core benefits of Universal Life Insurance. Therefore, the correct choice highlights the policy's inherent flexibility to accommodate multiple insured lives efficiently.