A policy that permits changing face amount/type of coverage without issuing a new contract is:

An adjustable life policy is designed to provide the policyholder with flexibility in managing their life insurance coverage. This type of policy allows the insured to change the face amount of the coverage and even adjust the type of coverage without the need to issue a new contract. This adaptability is particularly beneficial for individuals whose insurance needs may change over time, whether due to changes in financial situations, family size, or other life events.

The key feature of adjustable life insurance is its ability to accommodate these changes while still maintaining the original policy's foundational elements. This flexibility encompasses not only the amount of coverage but often also the premium payments, allowing the policyholder to increase or decrease both as needed.

In contrast, other types of life insurance like whole life offers fixed coverage and premiums, and while universal life introduces some flexibility, it tends to focus on adjusting premiums within a defined limit rather than entirely changing the face amount or type of coverage without a new contract. Variable life policies allow for investment options within the policy but adhere to specific structures that limit changes compared to adjustable life.