Adjustable Life Insurance
Definition - What does Adjustable Life Insurance mean?
Adjustable life insurance is a type of life insurance that allows policyholders to "adjust" features of the policy as time goes on. Features that can be adjusted include the face value of the policy, the premium amount, the benefits, the coverage period, and several other features. The primary benefit of an adjustable life insurance policy is that the policyholder can adjust the features as his or her circumstances in life change.
Insuranceopedia explains Adjustable Life Insurance
Adjustable life insurance policies have futures of both term and whole life insurance. The term life insurance features are that coverage periods can be altered and are not necessarily required to exist until the death of the policyholder. The whole life features are that they have the option of an interest carrying side fund in order to accumulate cash value, which the policyholder can use at his or her discretion. Also, the policyholder can typically possess the policy until death if he or she desires.