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Adjustable Life Insurance
Life insurance comes in several primary flavors. Adjustable life insurance allows the combination of features of different types of life insurance in order to dial in the exact type of coverage that's most appropriate.
Because some features of one type of policy may be viewed as an advantage for some, but a disadvantage by others, insurance companies have created tailor-made solutions with adjustable life insurance as a key offering. The ability to change premiums, face amounts and benefits are required by some, and considered too confusion by others. So, Adjustable life insurance isn't the right product for all, but for those that seek flexibility, or know their situation is likely to change, adjustable life insurance is the desired product.
Policy owners are presented with many options during the contract period with adjustable life insurance. The policy owner may increase or lower the face amount, change the amount of premium, and change the length in time of protection, or even the type of protection the adjustable life insurance policy provides. There's limits of course, but the ability to change without having to go through the process of applying for a new life insurance policy, including underwriting is a big plus for many that are considering the various types of life insurance solutions available.
Adjustments typically available with Adjustable Life Insurance policies:
Face Amount (the amount the life insurance company pays if the insured dies)
Lengthen or shorten the protection period (Adjustable life insurance can appear similar to term life insurance)
Premium for the insurance policy
Type of protection.
Not surprisingly, any change may impact the other life insurance adjustable variables). For example, lowering the premium on an adjustable life insurance policy may reduce the number of years if the policy doesn't have a cash balance to draw from. If the policy does have cash built up, then maybe there's no immediate impact.
Other life insurance products provide features that you may want. These include universal life and hybrids of term life insurance. If you have more questions and/or want a life insurance quote, please give us a call or email. Don't forget, that the most important part of buying a life insurance policy is talking with someone you can trust that understands your needs and has many different life insurance carriers to select from. It's true that by doing so, you'll likely get the best value, but having the RIGHT coverage is vital. That's why I would never suggest someone buy insurance online without talking to a professional first.
Robert Weinstein is a husband, dad, stock market junkie, real estate broker, and of course…Insurance agent. Interests include my family, economics, marketing, technology, real estate, finance/investing, history, and Asia.
Robert’s insurance expertise includes having the designation of Certified in Long-Term Care (CLTC) and assist in asset protection for families with members entering retirement.
Robert is also an accomplished syndicated writer whose work can be found in TheStreet, MainStreet, CNBC, Forbes, Yahoo Finance, Seeking Alpha, MSN Money, The Money Show, Stock Saints, Motley Fool, Fidelity, Minyanville, RealMoney Pro, and many national and international newspapers.
