The newest type of life insurance product is variable universal life, introduced in 1985. So named because it combines the investment flexibility of variable life with the death benefit and premium flexibility of universal life , this new type of policy has gained rapid acceptance among purchasers of life insurance. Variable universal life gives policyholders the greatest freedom to adjust death benefits, premium payments, and investment risk/ expected return as their cash-flow and death protection needs change. (Some sources also use the name flexible premium life for this new policy)