Which life insurance option allows policyholders to adjust their premium payments and death benefits over time?

The adjustable life policy is specifically designed to give policyholders the flexibility to modify their premium payments and death benefits as their needs change over time. This type of policy combines features of both whole and term insurance, allowing policyholders to increase or decrease their insurance coverage and premium payments based on their financial circumstances or personal goals.

This flexibility is beneficial for individuals whose financial situation may fluctuate or for those who anticipate changing their insurance needs. For example, if a policyholder's income increases, they may choose to raise their coverage and premiums accordingly. Conversely, if they experience a financial setback, they can lower their payments or coverage as needed, which can be a crucial feature in managing one's financial responsibilities over the long term.