What type of insurance product allows a client's flexible premium to be invested into a separate account?

The type of insurance product that allows a client's flexible premium to be invested into a separate account is Variable Universal Life insurance. This product combines features of both universal life insurance and variable life insurance.

With Variable Universal Life insurance, the policyholder has the flexibility to adjust the premium payments and the death benefit. Additionally, the premiums can be allocated among a variety of investment options such as stocks, bonds, or money market accounts, which are held in separate accounts. This investment aspect allows the policyholder to potentially grow their cash value at a rate that may exceed the guaranteed amount typically found in traditional whole or universal life products.

The other types of insurance listed do not offer the same level of flexibility regarding premiums and investments. Universal life allows for flexible premiums but typically does not have a variable investment component. Whole life insurance provides a fixed premium and guaranteed cash value, lacking the investment options seen in variable policies. Term life is purely a death benefit policy that does not accumulate cash value or offer investment options, as it is only designed to provide coverage for a specific term. Thus, Variable Universal Life is the correct choice for this question.