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Today, Insurance Industry brought lot of flexibilities to the people. One of such flexibility is Adjustable Life Insurance option. It a type of insurance that allows the policy holder the flexibility to change the plan of insurance over the term of the policy. The policy holder, under adjustable life insurance can raise or lower the face amount of the policy, increase or decrease the premium and lengthen or shorten the protection period. The premium and length of time they are to be paid can be increased or decreased. Un-scheduled premiums can be paid on a lump sum basis. Premium paid on an adjusted basis can either lengthen or shorten the time of protection element will be in force as well as lengthen or shorten the period for making premium payments.