What is Adjustable life insurance ?
Definition of Adjustable life insurance
Adjustable life insurance is a type of life insurance that gives its policy holders’ the option if changing the terms and characteristics according to their changing demands and requirements. It also combine features of term and full life coverage options.
Brief Explanation of Adjustable life insurance
Adjustable as the name suggests this life insurance policy allows it’s holders to alter the period of protection, adjust the face amount, increase it decrease the period at which the premium payment would be due. Moreover the total premium amount could also be lowered or raised according to the needs of the situation. It policies are ideal for people who want lifelong insurance with cash value benefits and protection. This insurance policy also allows individuals’ a greater degree of flexibility and multiple options to customize the characteristics of the agreement as far as the policy coverage is concerned depending upon their subsequent income and debt. Other types of adjustable life insurance include the universal life insurance and universal variable life insurance.