What Is Flexible Premium Life Insurance? 
Flexible premium life insurance , or universal life insurance , offers the ability to adjust the premium and other policy features as one goes through different stages of life . The face amount can also be adjusted -LRB- downward ; it would take new underwriting to make the policy larger -RRB- . The premium can be made smaller or larger , and money can be dumped into the policy to accumulate more cash value or cause the policy to last longer . 