Adjustable life insurance is a hybrid policy that combines characteristics from term life and whole life insurance. An adjustable life policy is a form of permanent insurance, which is designed to last your entire life as long as premiums are paid into the plan.
How does an adjustable life policy work?
Adjustable life insurance is a form of permanent life insurance. Unlike a term policy, adjustable life insurance remains in effect for the rest of your life, as long as premiums are paid. However, policyholders are typically able to adjust their premium payments, cash value amount and even their death benefit.
Can you cash out an adjustable life insurance policy?
Cash Out, Buy New Coverage\n\n So, your first option would be to keep your cash value and buy a new policy with higher premiums. You can withdraw any cash surrender value from your current adjustable life policy.
What is another name for adjustable life insurance?
A variable life insurance policy can help you meet your financial needs, investment objectives, and tax planning goals. However, these policies aren't necessarily right for everyone. You'll need to factor in both the potential risk and reward of investing in the market.
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