In an Adjustable Life policy, which aspect cannot be changed by the policy owner?

In an Adjustable Life policy, the type of investment is the aspect that cannot be changed by the policy owner. This is because an Adjustable Life policy typically allows the policy owner to adjust certain elements such as the face amount, the premium payment plan, and the death benefit option, but the underlying investment strategy is predefined by the insurer.

The face amount can be increased or decreased depending on the policyholder's needs, allowing flexibility in how much coverage they want at any given time. Similarly, the premium payment plan can be modified to suit the policyholder’s financial situation, whether they want to pay higher premiums for a shorter duration or lower premiums over a longer term. The death benefit option can also be changed to provide different ways of payout (e.g., level, increasing).

However, the investment type typically refers to how the policy premiums are allocated within the insurer’s investment options, which is structured by the insurer and not alterable by the policyholder. This preset nature gives the insurance company control over the investments, ensuring policy performance aligns with their overall investment strategies.