Which policy type sets premiums for a period before allowing adjustments to increasing premiums or decreasing cover?

The correct choice is the maximum cover whole of life policy. This policy type typically features premiums that are established for an initial period, after which the insurer retains the right to adjust premiums, increase the cost of coverages, or both. These adjustments can occur in response to various factors, such as changes in risk or market conditions.

Maximum cover whole of life policies are designed to provide coverage for the entire lifetime of the insured, and they often include options that allow for significant changes over time. This can be particularly relevant in a financial landscape where investment performance or underwriting criteria may necessitate re-evaluation of premiums and coverage levels at specific intervals.

In contrast, standard whole of life policies generally offer fixed premiums throughout the life of the policy, and term insurance provides coverage for a specified period with premiums that are typically consistent during that term but do not adjust for the insured's lifetime. Investment-linked insurance policies have variable premiums based on investment performance but do not correlate directly with the concept of fixed-term adjustments as described in the question.