What type of policy typically allows for flexible premium payment arrangements?

Universal life insurance is the type of policy that typically allows for flexible premium payment arrangements. One of the key features of universal life insurance is its adaptability in premium payments, where policyholders can adjust the amount they contribute to their policy, within certain limits. This flexibility enables individuals to increase or decrease their payments based on their changing financial situations or goals, allowing for a more tailored approach to life insurance.

In contrast, term life insurance generally involves fixed premium payments for a specified period, which does not allow for the same level of flexibility. Whole life insurance also comes with fixed premiums and provides guaranteed benefits, making it less adaptable than universal life. An accidental death policy is usually a straightforward policy with a fixed benefit and does not include the flexible premium payments characteristic of universal life insurance.