Yes, some specific policies will allow you to increase or decrease your coverage if you suspect you may need to change your coverage later on:
Variable life, universal life and variable universal life – these are permanent policies that also have built-in flexibility to allow you to change the coverage amount. Changing the amount however, does have an impact on the death benefit.
Decreasing term life insurance – this is a type of “term life insurance” where the amount paid out by the death benefit gradually decreases as you age. This is most suited for those who expect that they will have less debt in the future.