Policyowners can typically increase or decrease their premiums in which type of insurance policy?

Variable Life policies allow policyowners the flexibility to increase or decrease their premiums. This is a key feature of these policies, as it allows individuals to adjust their premium payments according to their financial situation and goals. Variable Life insurance combines a death benefit with an investment component, giving policyholders the ability to determine how much they want to pay in premiums and where their investment contributions will be allocated.

This flexibility enables policyowners to potentially increase their premiums during times of financial stability when they can afford to invest more, or decrease them when their financial situation is tighter, all while still maintaining basic insurance coverage. This adaptability is particularly appealing for those who want to have more control over their insurance costs and investment strategies.

Other types of insurance, such as Endowment, Whole Life, and Term policies, typically have more rigid structures regarding premium payments and do not allow the same level of flexibility that Variable Life policies do. In these cases, premium amounts are often predetermined and remain consistent throughout the life of the policy.