Adjustable life insurance may also be called flexible premium adjustable life insurance or flexible premium insurance because you can adjust the coverage period, face value and premium payments.1
As the name implies, adjustable life insurance allows the policyholder to adjust the terms of the plan as needed. An adjustable life policy and traditional term and whole life plans have many similarities. The difference is that adjustable life insurance can have more variability.1
Adjustable life policies usually have a cash value component, like a whole life policy. Cash value is a savings-like account that earns interest over time.1 Policyholders may be able to make changes to the cash value and borrow against it in the form of a loan.
While Aflac doesn’t offer adjustable life insurance, we do offer traditional whole life insurance with cash value and term life insurance with personalized coverage length.
Comparing Whole, Term and Adjustable Life Policies
With term life insurance, you determine the length of the life insurance policy upfront, otherwise known as the term length. With a whole life insurance plan, the coverage lasts the entire life of the policyholder.
In both term and whole life plans, you determine the face value upfront. The face value is the dollar amount the beneficiary will receive, also known as the death benefit, plus any additional benefits your plan has.2 Then, premiums are paid to keep the plan active. With an adjustable life insurance plan, you can make changes to the term length, premium schedule, and the face amount of the plan.1
While Aflac doesn’t offer adjustable life insurance, we do offer term and whole life insurance with versatile benefits that may be able to meet your coverage goals. In our term life insurance plans, you may be able to extend the length of your plan as needed if you already own one. And with our whole life insurance plans, you may be able to make changes to the cash value.
If flexible premium payments are what you are looking for, we also offer final expense whole life insurance with customizable premium schedules. You can pay premiums monthly, quarterly, or annually depending on your needs.
