How Does Flexible Premium Adjustable Life Insurance Work? 
Permanent insurance has two elements , cash value , and mortality cost . Flexible premium policies do not provide the standard guarantees contained in a whole life policy , rather they allow you the flexibility of determining your contributions to the plan and even flexibility in determining the face amount . They do this by taking the whole life policy apart and having a special fund develop the cash value . The company has passed to you the risk of making sure that the policy lasts as long as you do . 