How Does Adjustable Life Insurance Work? 
I believe what you 're referring to is flexible premium adjustable life insurance -LRB- commonly referred to as Universal life insurance -RRB- - this is a type of permanent life insurance . Under these types of programs , the policyowner has the ability to change the amount they 're paying each month , manipulate the length of coverage under the policy , alter the policy face amount , all the while being able to build cash value . One of the most popular universal life policies is Guaranteed Universal Life -LRB- GUL -RRB- . In a GUL policy , you 're not placing the emphasis of the coverage on the cash value the policy builds , but rather the death benefit by maximizing the value of your premium -LRB- paying the lowest possible cost for a given amount of coverage -RRB- . A good way of thinking of it is like taking the term guarantee period and bringing it out for life - so it 's got the essence of both term and whole life coverage in it . Under a GUL program , the policy can be structured to keep premiums level and provide coverage up to a specified age -LRB- e.g. to age 90 , to age 100 , or even up to age 121 -RRB- under the `` dial down '' process . I always recommend consulting with an experienced broker to help you determine what policy benefit structure will best serve your needs . We can shop the case if you 've got a complex medical history -LRB- identifying the risk class you qualify for a very important step when buying life insurance because it determines what you pay for the coverage -RRB- , review quotes , and help you through the application and underwriting processes . Please let me know if you have any other questions . Thanks very much . 