Which statements highlight the differences between variable life products and participating products?

The correct answer identifies that both statements highlight valid distinctions between variable life products and participating products.

Variable life products are unique because they allow policyholders flexibility in premium payments. This means that individuals can adjust their premiums over time, which can provide more control in response to changing financial circumstances. This flexibility is a distinct characteristic compared to many participating products, where premium payments tend to be more fixed.

The second statement mentions that both variable life products and participating products can be offered as whole life and endowment policies, underlining that while both types of products have their own unique features, they share similarities in structure. These both types of insurance policies can accumulate cash value and offer death benefits, catering to consumers who may want long-term coverage.

The inclusion of both statements as correct reflects the complex landscape of life insurance products where distinctions and similarities coexist. Each type serves different needs and financial strategies, which is essential knowledge for anyone working with life insurance.