A policyowner may change two policy features on what type of life insurance?

The correct option is Adjustable Life. This type of life insurance provides the policyowner with flexibility to modify certain features of the policy. Specifically, policyowners can often adjust the premium payments, the face value of the policy, or even the type of coverage (from term to whole life, for example). This adaptability allows policyowners to tailor their insurance policy to better meet their current financial situation and coverage needs over time.

The other types of life insurance have more rigid structures and do not allow for such adjustments. For example, Modified Whole Life typically has preset premiums and benefits that do not change. Decreasing Term Life is designed to provide a benefit that decreases over time, often aligned with a mortgage or other debt, and does not allow for changes in face value. Whole Life insurance generally has fixed premiums and guaranteed death benefits, making it more stable but less flexible compared to adjustable life. Thus, Adjustable Life stands out as the option providing the policyowner the ability to change primary policy features.