Which of the following are advantages of universal life insurance? 1. The policyowner may make partial withdrawals of cash values. 2. It can be exchanged for other kinds of life insurance. 3. It provides permanent protection. 4. It provides tax-deferred investment income. (1) and (2) only (1), (2), (3), and (4) (1) and (4) only (2) and (3) only