What occurs if the owner of an adjustable life policy wants to change the premium amount?

In an adjustable life policy, the owner has the flexibility to change the premium amount within certain guidelines established by the insurer. This type of policy allows for adjustments to not only the premium payments but also the face amount and the cash value accumulation, providing a level of customization to meet the policy owner's needs.

While other options suggest approval requirements or regulatory restrictions, the fundamental aspect of adjustable life policies is that they are designed to be flexible, meaning the owner can adjust their premium payments as desired within the parameters set by the insurer. This adjustable nature is one of the key features that differentiate it from other more rigid life insurance policies, allowing policyholders greater control over their insurance and financial planning.