Which characteristic defines Adjustable Whole Life insurance?

Adjustable Whole Life insurance is characterized by the insured's ability to modify the policy's face amount. This flexibility allows policyholders to increase or decrease the death benefit based on their changing financial or personal circumstances, making it a versatile option for individuals who anticipate changing needs over time.

This feature stands out as it empowers the policyholder to adjust not only the face amount but often also the premium payments and sometimes even the cash value accumulation. Such adaptability is particularly useful in situations like changes in income, family size, or overall financial goals.

The other characteristics mentioned do not apply to Adjustable Whole Life insurance, as the core feature here is the control over the face amount that the insured possesses. This differentiation highlights the unique nature of this insurance product in contrast to more rigid insurance options.