What is a characteristic of an adjustable life policy?

An adjustable life policy is designed with flexibility as one of its key characteristics. This type of policy allows policyholders to adjust both the premiums they pay and the amount of the death benefit as their financial situation or insurance needs change over time. This adaptability means that individuals can increase or decrease their coverage or premium payments, accommodating life events or changes in circumstances without having to purchase a new policy.

The nature of adjustable life policies typically includes the capacity to build cash value, although this may vary between insurance companies. The fact that it combines features of both term and whole life policies adds to its versatility. Therefore, the ability to modify the premiums and death benefit amounts is what makes option B the correct answer, highlighting the policy's inherent flexibility for the insured.