what can life insurance be used for?

how long does a spouse get survivors benefits?

The company can grant different interest rates. You must note that the interest granted depends on the premiums paid and not the death benefit.

Modified plans are a form of final expense insurance.

This is how cash value grows that you can borrow.

Although the death benefit protection is the same, premiums are not equal.

Insurance companies prices and quality of life are significant factors in their competition.

First, you will almost certainly have the option of a modified whole-life contract. Senior citizens over 80 are exempt from this rule. Modified plans can only be obtained by those over 80.

what is a flexible premium variable life insurance policy?

After premiums increase, they typically stay consistent for the rest of the Policy. Premium amounts typically rise only once.

For modified premium whole life, some companies have a 2-year waiting period, and some make you wait three years.

This is undoubtedly true for modified whole life insurance.

what is a flexible premium variable life insurance policy?
modified premium life insurance

modified premium life insurance

Whether you are Coach B. or any other agency, working with an independent agency will ensure you get the best coverage at the lowest rates.

Still paying much more for your coverage than you would for term life insurance

This contrasts against traditional or level life insurance policies. Premiums are locked in and will remain the same over time.

what can life insurance be used for?

what is a wealth transfer?

Life insurance is not for everyone.

If a company gives 10% interest and you make $1000 in payments, you'll get $1100 back (except if you die during the waiting period).

Although the difference may not seem significant, it can impact your finances. While you may not see much cash value growth in two years, a more extended introductory period could cause you to lose some. You'll also be paying five to fifteen times more for similar coverage under a term policy than you would without a crucial policy feature.

modified whole life ins
modified whole life ins

You still pay more for your coverage than for term life insurance

The most important fact about life insurance is that there are many options.

The good thing about a whole-life modified policy is that people with severe health conditions can obtain new coverage. Modified life plans usually have little or no medical/lifestyle insurance. You can still get new coverage even if your condition is severe. Depending on your current health condition, you may need to modify your whole life.

variable universal life insurance companies

The truth is, those are all marketing terms that mean the same thing. They're referring to a whole life insurance plan with limited underwriting, so people with health conditions can still qualify.

Remember that for any policy from any company where there are no health questions, there will always be a 2-3 year waiting period.

A modified plan is just a type of final expense insurance.

variable universal life insurance companies

Frequently Asked Questions


Modified whole life insurance offers lower premiums for a short time (usually two to three years but occasionally up to five or 10), followed by a higher rate for the remainder of the policy.



CEO, The Annuity Expert. A Modified Endowment Contract, or MEC, is a life insurance policy modified from the traditional whole life insurance policy. A MEC offers tax-deferred growth and allows you to take out loans against the policy's cash value without penalty.