Which of the following is NOT a way that Universal Life Insurance offers flexibility?

Universal Life Insurance is designed to provide policyholders with a high degree of flexibility in various aspects of the policy. This flexibility is a key characteristic distinguishing it from traditional life insurance products.

Premium flexibility allows policyholders to adjust their premium payments according to their financial situation, which can vary from year to year. Choosing between different mortality costing options means that policyholders can select the method used to calculate the cost of insurance, allowing them to tailor the policy to their personal preferences or financial goals. The selection of death benefit options permits policyholders to choose how the death benefit will be structured, providing further customization based on their estate planning needs.

Conversely, guaranteed cash surrender value is a feature that provides policyholders with a guaranteed amount they can receive if they choose to surrender the policy. While this feature adds a level of security, it does not represent flexibility in the sense that it involves fixed terms rather than allowing the policyholder to adjust or change the policy actively. Therefore, this characteristic does not align with the overall theme of flexibility that defines universal life insurance.