ADJUSTABLE LIFE INSURANCE
A specie of life insurance that concocts features of whole life and term coverage, providing an option for holders to alter the policies' characteristics to suit their needs over time. The adjustable life insurance policies permits the holders to alter the protection period, decrease or increase the face amount, lower or raise the premium amount, and adjust the length of the premium payment period. An interest bearing side fund (cash value) is incorporated in these policies.
Sometimes referred as "flexible premium adjustable life insurance."
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