A provision in a life insurance policy that allows the policy to be changed in one or more ways. This may involve increases or decreases to either the policy's premium or face amount, changes to the length of protection or period of premium payments.

Adjustable life insurance policies are more expensive but allow the policy holder to make adjustments as his or her needs change. Insurers and plans differ regarding the frequency, amount and degree of changes allowed. Increases to a policy's face amount usually require that the policy holder re-prove his/her insurability.