Which statement is true concerning a Variable Universal Life policy?

A Variable Universal Life (VUL) policy offers significant flexibility to the policyowner, which is why the statement regarding the policyowner's control is accurate. In a VUL policy, the policyowner has the autonomy to choose the investment options from a variety of separate accounts, much like mutual funds. This flexibility enables the policyowner to align their investments with their risk tolerance and financial goals.

Additionally, the policyowner can also adjust the amount of their premium payments, providing even more control over the policy. This dual flexibility in investment choices and premium payments is a hallmark characteristic of Variable Universal Life policies, distinguishing them from other life insurance products that may have fixed investment options and premium structures.

The aspect of cash value is misleading as VUL policies do accumulate cash value based on the performance of the selected investments, which can fluctuate. Therefore, the combination of investment control and premium flexibility underscores why the statement about the policyowner's control is true.