Jack and Paulina Pott need insurance above that provided by their employee benefits. They do not want to commit to a fixed policy and they are attracted to the flexibility offered by a Universal Life policy (UL). Which of the statements below is true in describing the flexibility of a UL policy?

a)A UL policy holder may change the deposits between minimum and maximum, but cannot go below the minimum deposit.

b)A UL policy holder may increase the face amount on the existing policy without evidence of insurability, subject to certain limits

.c)A UL policy holder may change the frequency on deposits and choose a modal factor other than annual, resulting in a higher annualized payment.

d)A UL policy holder may keep an existing policy in force and substitute the life insured by providing evidence of insurability on the new person.