What feature allows policyholders to modify their death benefit in certain types of life insurance policies?

The feature that allows policyholders to modify their death benefit in certain types of life insurance policies is known as the adjustable benefit. This option provides the policyholders with the flexibility to increase or decrease the death benefit based on their changing needs and circumstances over time. This can be particularly valuable for individuals who may experience significant life changes, such as marriage, childbirth, or the need to pay off debts, allowing them to tailor their coverage accordingly.

In contrast, riders are additional features or benefits that can be attached to a policy but do not inherently allow for adjustment of the death benefit itself. The convertible option typically refers to a feature that allows term insurance to be converted into permanent insurance but does not provide for modification of the death benefit amount. Lastly, flexible premium relates to the premium payment structure rather than the ability to adjust the death benefit, indicating how premiums can vary rather than how the coverage itself can be altered.