Life insurance offers a flexible premium with an adjustable death benefit, and credits a fixed interest rate to the cash value within the policy. It is another type of permanent life insurance that has flexibility built into it. The flexibility allows you to adjust the face amount of your policy, as well as the premiums you pay. It builds cash value without paying current income taxes on the increases and you can potentially access the funds using tax-free loans and withdrawals. This type of flexibility allows you to stop paying premiums if there is enough accumulated value in your policy to cover the cost of insurance each month. You can then pay additional premiums to build back up accumulated cash value. Additionally you may be able to increase or decrease your death benefit depending on your life insurance needs. However, an increase may require additional underwriting.