Final answer:
An Adjustable Life insurance policy would be the best fit for an applicant who wants a policy that can adapt to changes in their insurance needs, allowing adjustments in premium payments, face amounts, and coverage period.
Step-by-step explanation:
The applicant looking for an insurance policy that can be modified to accommodate changes as they occur would most likely benefit from an Adjustable Life policy. This type of policy allows policyholders to adjust variables such as premium payments, face amounts, and the period of protection. For example, the policyholder could increase the death benefit as their family grows or decrease it once debts are paid or children are no longer dependent.
Other types of life insurance i Cash-value (whole) life insurance policies include a death benefit but also have a cash value that can serve as an account for the policyholder's use throughout their life.