The correct answer is variable universal life . This policy combines the core features of universal life and variable life . From universal life, it provides flexible premiums and the ability to adjust the death benefit within policy limits. From variable life, it gives the policyowner the choice of how the cash value will be invested , typically through separate account investment options. This makes variable universal life the only option listed that includes all three elements named in the question.

An adjustable life policy allows changes in features such as premium, face amount, or period of protection, but it does not give the owner direct control over investment of the policy’s cash value in separate accounts. Universal term life is not a standard policy form used to describe investment-directed permanent cash value coverage. Graded premium whole life involves premiums that start lower and increase later, but it does not offer flexible premium design combined with investment choice.

Because the question specifically requires flexible premium , adjustable death benefit , and investment control over cash value , the correct answer is C. variable universal life .