Which of the following is a type of life insurance?

Universal life insurance is a type of life insurance that provides not only a death benefit but also a cash value component that can grow over time. This type of insurance offers policyholders flexibility in premium payments as well as the potential for cash accumulation, which can be used during the policyholder's lifetime. The flexibility to adjust the coverage amount and premiums makes universal life insurance appealing for those who want both life insurance protection and a savings mechanism.

In contrast, the other options listed are types of insurance that serve entirely different purposes. Workers' compensation insurance provides benefits to employees who suffer job-related injuries or illnesses, homeowners insurance protects against damages to a person's home, and automobile insurance covers vehicles for damages and liability in the event of an accident. Each of these insurances is designed for specific risks unrelated to life insurance, highlighting the uniqueness of universal life insurance within the given options.