What Is Flexible Premium Life Insurance?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Flexible premium life insurance is one of the titles for universal life insurance. Universal life insurance has four policy types: current assumption, guaranteed, indexed and variable. Guaranteed universal life is the least flexible, although you can alter the policy, it's not built for changes in premium. The other policies can also be used for supplemental income.
    Answered on August 3, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Flexible premium life insurance, or universal life insurance, offers the ability to adjust the premium and other policy features as one goes through different stages of life. The face amount can also be adjusted (downward; it would take new underwriting to make the policy larger). The premium can be made smaller or larger, and money can be dumped into the policy to accumulate more cash value or cause the policy to last longer.
    Answered on August 3, 2013
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