Which provision allows policyholders to change their payment schedule?

The flexible premium provision allows policyholders to adjust their premium payment schedule according to their financial situations or preferences. This provision is especially common in universal life insurance, where policyholders can vary their payments beyond the minimum required amount. By offering this flexibility, the policyholder can choose to pay more during high-income periods and less during tight financial times, maintaining control over their policy's funding. This adaptability can be crucial for long-term financial planning and encourages policyholder engagement by aligning the insurance policy with changing life circumstances.

The other provisions listed do not provide this capability. For example, the grace period provision deals with giving policyholders time to make a premium payment without losing coverage. Meanwhile, the beneficiary change provision pertains to altering the designated beneficiaries of the policy and does not impact premium payment schedules. Lastly, the non-forfeiture provision relates to what happens to the cash value of a policy if the policyholder stops making premium payments. Therefore, the flexible premium provision is the correct choice for allowing changes to the payment schedule.