Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?

Universal Life Insurance

Explanation:

The key characteristics of universal life insurance are:

A lump sum is paid as premium at an initial stage It is a flexible form of insurance where the insured can elect how much premiums he / she pays, and also the death benefits they receive. Policyholders may access a portion of the accumulated cash value without affecting the guaranteed death benefit

From the question,

Kurt paid a lump sum of $3,000 which is his initial cost of insurance. Kurt also has the flexibility of choosing the premiums he pays regularly. Kurt also has the ability to accumulate a cash value and access a portion of it

These key indicators show that Kurt is on a universal life insurance plan