Which characteristic is specific to adjustable life insurance?

Adjustable life insurance is characterized by its flexibility in allowing policyholders to choose between term and permanent coverage. This means that as the financial needs of the insured change over time, they have the ability to adjust their policy type to fit their current situation. For example, if someone initially opts for lower-cost term insurance but later decides they want permanent coverage for lifelong protection, adjustable life insurance allows this transition.

This characteristic is particularly appealing to individuals who anticipate changes in their financial requirements or coverage needs over time. The adaptability of adjustable life insurance sets it apart from more traditional life insurance policies, which usually have fixed terms and benefits that do not allow for such alterations.

In contrast, fixed premium and benefits, low premiums throughout the policy's life, and immediate cash value development do not embody the essence of adjustable life insurance, as these features are often associated with other types of policies, such as whole life or term insurance.