The Pros and Cons of Flexible Life Insurance Policies

Shawn Plummer

CEO, The Annuity Expert

When it comes to life insurance, there are a lot of different options to choose from. One of the most popular choices is the flexible policy. This type of policy has both advantages and disadvantages compared to other types of life insurance policies. In this guide, we will discuss the pros and cons of flexible life insurance policies so that you can make an informed decision about what is best for you and your family.

Advantages Of Flexible Life Insurance Policies

There are several advantages to flexible insurance coverage.

  • Flexible policies allow you to personalize the coverage to your requirements and demands.
  • Flexible insurance may incorporate a securities component, which is considered an effective inflation hedge.
  • Premium flexibility means that policy owners can choose to pay what they can, when they can. This will allow them to increase the cash value of their policy more quickly if they have the resources to do so. It also means that policy owners can skip payments if their financial circumstances require it, without losing any insurance protection.

Disadvantages Of Flexible Life Insurance Policies

There are also some disadvantages associated with flexible policies.

  • Some flexible policies that include a securities component may not have guaranteed returns. This means that the return you get from your policy may be low, or even negative if it is based on separate securities accounts.
  • Some policyowners need to be required to contribute money regularly to their insurance policy in order for it to grow properly. Many people do not have this discipline, so they choose flexible premium policies which do not have a regular requirement.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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