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Adjustable Life Insurance Policies - A Flexible Option

By flexiblepremiumadjustabl, 07 June 2022 · 65 views

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An adjustable life insurance policy is more flexible compared to other type of policies which may be rigid as far as the premiums and their payment schedule are concerned. It also differs from variable insurance policies, in that it provides a floating fixed death benefit which is not the case with variable insurance policies. Adjustable insurance policies are very helpful for those who do not have a steady income or have frequent windfall gains. The premiums in such policies can be adjusted from monthly to a quarterly basis and the policy can still be kept in force.

Such policies are beneficial to the insurance provider as well since a policy that is not in force or relinquished does not provide any chance of profit maximization. Flexible premium adjustable life insurance are not only similar to universal insurance policies but are almost synonymous with them. In both the cases there are provisions for changing the face value, premiums, as well as the death benefit.

In such types of insurance, the policyholder is capable in adjusting the premiums, the coverage period, and other features. The policy can also be "paid up" if the policyholder makes the full payment instead of several premiums. Adjustable life insurance is beneficial for conditional events as well as events that are certain. Contingent events can be those that possibly will or may not happen, such as matrimony, kids, and myriad others. Conversely events that are certain are death and taxes.

Adjustable life insurance provides the elasticity of augmenting or declining the premiums and further features of the policy. If the policyholder decides to get married and have a family then he or she can add to or diminish the premiums according to the pecuniary situation. Simply put, in an adjustable insurance the premiums and coverage obtainable can be altered according to the requirements and situations by the policy holder.

Several insurance companies offer adjustable insurance coverage with supplementary plans. In order to come to a decision if this sort of life insurance is appropriate for you, it is prudent to have a word with your insurance agent for further facts on how adjustable plans work and what type of flexibility you can have with such type of plans. These policies are good for those who do not want to get bogged down by the amount or number of premiums that he or she is paying.

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July 2022

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