Adjustable Life Insurance
A type of permanent life insurance that allows the policyholder to adjust the death benefit, premium, and cash value growth over the life of the policy.
Detailed Explanation
This flexibility can be useful if your financial situation or insurance needs change over time.
Practical Example
Mark purchased an adjustable life insurance policy when he was younger. As his income increased and his family grew, he was able to increase his death benefit to provide more financial security for his loved ones. Later, when his children were grown, he could potentially adjust the premium payments.
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