Also known as flexible premium adjustable life insurance, adjustable life insurance is recommended for those who want flexibility with their insurance policy along with the cash value benefits and protection. As the family and circumstances change over time, the insurance holder can customize the coverage and modify payments and terms. Along with the investment component of such a policy, other benefits include the ability to modify the term of coverage, increase or decrease the premium rate, change the term of the policy and lower or raise the face amount.
Life insurance is a more general concept that may refer to either whole life insurance or term life insurance. Whole life insurance gathers value the longer you have it, whereas Term life insurance does not obtain any value that you may use before you die. Term life insurance only pays out when you die.
Whole life insurance is not necessarily bad but it may not be right for you as it can be substantially more expensive than a term insurance. If you need life insurance but don't want to pay the high premiums on whole life insurance ask for term insurance quotes. Whole life insurance is a level premium from the time you get the insurance until you die which is good if you have an estate that will need liquid funds but not necessarily right for someone who is just looking for life insurance until their kids are grown or their mortgage is paid off