This term life insurance rates policy offers a lot of flexibility. You can change increase/decrease the premiums, and you can increase or decrease your death benefit (the amount payable to the insured). However, keep in mind that in these term life insurance policies, messing around with too many of the features can have an adverse effect on the policy itself.

A good example would be if the policy owner all of a sudden increased the death benefit. The insurance company may request that the insured re-qualify for the policy.

However, if you want some freedom in your life insurance policy, you may opt for this type of insurance.