What type of life insurance policy allows adjustments to various features but not in every aspect?

Adjustable Life insurance is characterized by its flexibility, allowing policyholders to make adjustments to certain features of the policy. This includes options such as the premium amount, the death benefit, and sometimes even the policy duration. However, there are limitations on the aspects that can be adjusted, as some features remain fixed or are only adjustable within certain parameters.

For instance, while the insured can modify the premium payments and the death benefit, the policy's basic structure and guaranteed benefits may remain unchanged. This feature makes Adjustable Life appealing for individuals who prefer a balance of flexibility and certain guarantees over the lifetime of the policy.

In contrast, Whole Life insurance offers a fixed premium and death benefit, while Term Life provides coverage for a specified period without any cash value accumulation or adjustments available. Modified Life, on the other hand, typically starts with a lower premium that increases later but doesn't allow for adjustments to features like those in Adjustable Life. Thus, the ability to adjust certain features, while still maintaining some fixed aspects, defines why Adjustable Life is the correct choice in this context.