Which two terms are associated directly with the premium of a life insurance policy?

The terms "level" and "flexible" are indeed directly associated with the premium of a life insurance policy.

When referring to "level premiums," this indicates that the premium payment remains the same throughout the life of the policy. This type of premium structure provides stability and predictability for policyholders, making it easier to budget over the long term.

On the other hand, "flexible premiums" are often found in permanent life insurance policies, such as universal life insurance, where the policyholder has the flexibility to adjust the amount and timing of premium payments within certain limits. This allows for adaptation based on changing financial situations or needs, making it a more dynamic option.

These terms are critical for understanding how the cost of a policy can vary or remain stable, which is essential information for anyone considering life insurance options.