What Is Flexible Premium Adjustable Life Insurance? 
Flexible premium adjustable life insurance is another name for Universal Life . The premium is flexible in that you can increase or decrease it as desired . If you increase it , the policy can last longer and/or build up more cash value . If you decrease it , the policy could lapse sooner and/or build up less cash value . It is adjustable in that you can lower the face amount or premium as desired , or dump in a lump sum of money to grow tax deferred . 