Adjustable life insurance, also known as flexible premium adjustable life insurance, is a type of insurance that combines the features of whole life insurance and term life insurance. In simple terms, this adjustable life insurance gives you a lot of options to customize and change your whole life insurance policy the way you like without much hassle.
More so, with this policy, you have features like settlement options, cash values, dividend options, non-forfeiture values, guaranteed maximum mortality charges, and minimum interest guarantees. For instance, with a cash value account, you can decide to invest a portion of your premium in shares, bonds, mutual funds and other investment vehicles in the market. Since adjustable life is just like whole life insurance, your cash value is free from tax until you want to withdraw or borrow it.
What’s unique about adjustable life insurance?
The only thing unique about this insurance policy is that you can customize your whole life insurance the way you want. Below are some of the things you can change if you can change if you are a policyholder of adjustable life insurance:
- The amount of the premium
- The period of the protection
- The face amount of the policy
- The length of the premium payment period
As you can see from above, adjustable life insurance policy is a perfect option for potential policyholders who want a whole life insurance policy that they can customize according to their needs. For more information about adjustable life insurance policy, we advise you to contact us or to meet your financial advisor for more advice.