What is adjustable whole life insurance?

Adjustable whole life insurance is a type of permanent life insurance policy that allows policyholders to adjust the premium and death benefit amounts throughout the life of the policy. It combines the features of traditional whole life insurance and flexible premium universal life insurance. The policyholder can increase or decrease the premium payments, as well as adjust the death benefit amount, based on their changing financial needs. This flexibility allows the policyholder to customize their insurance coverage to fit their current financial situation. With adjustable whole life insurance, the premium payments are invested in a cash value account that grows over time, tax-deferred. The cash value can be used to pay premiums, take out a policy loan, or even be withdrawn. However, any unpaid loans or withdrawals will reduce the death benefit amount. Overall, adjustable whole life insurance is designed to provide permanent life insurance protection while also offering the flexibility to adjust the policy to fit the policyholder's changing financial needs. It can be a suitable option for those who want both protection and flexibility in their life insurance coverage.