What is Adjustable Life Insurance?
Do you know what is adjustable life insurance all about. If you are following InvestmentTotal.com, you already learn other terminologies we used when discussing health insurance and life insurance. A readers asked a question if he can change his insurance face amount.
I am Howard from New York, USA. I want to ask if I can change the plan of my life insurance policy. Instead of just having a face amount of $100,000 I want my beneficiaries to receive $200,000, how can I do it?
What is Adjustable Life Insurance?
Howard is asking to adjust his life insurance policy. According to Beiks pocket dictionary, adjustable life insurance is
“A type of life insurance that allows the owner of a policy to change the plan of insurance, raise or lower the face amount, increase or decrease the premium, and lengthen or shorten the protection period”.
Image Credit: Andreas Kambanis on Creative Commons 2.0 via FlickrHoward has the right to adjust his life insurance plan according to what he needs. He can make adjustments by increasing or decreasing the face amount but Howard should be aware that there is also a certain changes to be made to his life insurance premium payment schedule.
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Thought for the Day:
Life will be more meaningful if you know how to value it. The best ways to treat life awesomely is to get insured immediately.