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A modified whole life insurance policy is something you should seriously consider.

Some modified whole-life policies won't let you contribute to your Policy cash value during the initial period.

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. The initial savings may be tempting, but it's not the best life insurance policy for most people because of the high premiums and complicated policy options.

For example, if a company grants 10% interest and you made $1000 in payments, you will get back $1100 (if death occurred during the waiting period).

Are you curious about modified whole-life Insurance?

Premiums: Standard whole life Insurance has the same premiums, but modified whole life premiums change only once.

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The good news is: People with serious health problems can still get new coverage through a modified whole-life plan. Modified life plans often have minimal or no medical/lifestyle coverage. You can still obtain new coverage even if you suffer from serious illnesses. Modified whole life may be the best way to get new insurance, depending on your medical condition.

These common health conditions may qualify you for a whole-life non-modified policy.

Senior funeral insurance may be a good option. However, it might not.

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Last but not least, some companies might refer to modified whole lives plans as "final expense life insurance", "funeral Insurance", or "burial coverage".

Answering health questions is necessary if you desire immediate coverage. There are no exceptions.

Lastly, you may see companies refer to modified life plans as "final expenses life insurance", "funeral coverage", or "burial Insurance".

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Also known as modified premium whole life, a modified whole life policy comes with low introductory premiums. The premium goes up only once after the introductory period and remains the same the rest of the time the Policy is in force. Buying a modified premium policy is a way to obtain a higher death benefit sooner, before you'd typically be able to afford the premiums, instead of waiting to buy Coverage or buying more Coverage when you're older.

Many modified whole-life policies don't allow you to contribute to your Policy's cash value during the introductory period.

The company will determine the amount of interest granted. Understanding that the interest granted will be based on your premiums and not the death benefit.

what is the difference between variable life and variable universal life?
what is the difference between variable life and variable universal life?

Cash value: Your premiums begin to fund your cash value account immediately with whole life insurance, but for most modified whole life policies, you will need to wait until your premiums go up.

The bad: There are two significant drawbacks which are the waiting period & the premiums. These plans accept applicants who have severe health issues. For that reason, the insurance company takes on a lot of risks. This is why the premiums are much higher than non-modified policies and have a waiting period of 2-3 years before the death benefit would pay out.

An example: If you receive 10% interest from a company and make $1000 monthly payments, you get $1100 back.

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A modified insurance plan is only a type and final expense insurance.

Life insurance companies compete against each other through price and underwriting.

Modified Life Insurance: An ordinary policy that covers life insurance, but the premiums have been adjusted to lower premiums for the first three to five years. The premiums will increase over time to match a standard policy.

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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.