Which type of policy allows adjustments to premium payments and the face amount?

An Adjustable Life policy is designed to provide flexibility in managing both the premium payments and the face amount of the insurance coverage. Policyholders have the ability to alter the premium and the death benefit within certain limits, allowing them to adapt their insurance to changing financial situations or needs over time. This flexibility can be particularly beneficial for individuals who anticipate changes in their income or life circumstances, such as starting a family or experiencing fluctuations in employment.

Adjustable Life policies combine features of both whole and term life insurance, enabling policyholders to choose how their policy is structured. While other policy types serve specific purposes—like the Last Survivor Policy, which is meant for two lives and pays out upon the death of the second, or Credit Life Insurance, which pays off a borrower's debt upon their death—none offer the same level of customization in premiums and face amounts as an Adjustable Life policy. Joint Life Policies typically insure two individuals and may only pay a benefit under certain conditions, further distinguishing their purpose from the flexibility provided by Adjustable Life policies.