what is the difference between whole life insurance and modified whole life insurance?

variable whole life insurance policy

This is a version of whole-life insurance where the insured pays less than usual for a set amount of time. The premium payments will increase to an agreed-upon amount for the Policy's life.

Be aware that there is a 2-year waiting period for all company policies where there are no questions about your health.

Are You Interested in Modified Whole 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.

modified whole life

If your family has diabetes, XYZ will deny you insurance or charge you more than ABC.

Some companies offer a two-year waiting period for modified premium whole lives, while others require you to wait three years.

You are missing out on one of your most excellent life-enhancing benefits

what is the difference between whole life insurance and modified whole life insurance?
modified whole life
indeterminate premium whole life

indeterminate premium whole life

The good: The best part of a whole-life modified plan is the ability for folks with serious health issues to secure new Coverage. Most modified life plans have very limited or no medical/lifestyle underwriting. If you have dire illnesses, you can still get new Coverage. Depending on the nature of your health issues, modified whole life may be the only way you can get a new life insurance policy.

Modified premium whole life is also known as modified premium whole life. It comes with low introductory premiums. After the initial period, the premium does not increase and stays the same throughout the Policy's term. Modified premium policies are a way to get a higher death benefit earlier than you would typically be able to pay.

The premiums usually stay the same regardless of how much they rise. The average premium increase is only one time.

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ABC insurance is an example of a company that excels in ensuring people with diabetes. It also offers rock-bottom rates. This is the way their underwriting was designed.

Coach B. or another agency. The only way to get the best Insurance at the lowest price is to work with an independent agency. They will review 15 or more insurance companies for you.

XYZ, an insurance company, isn't too fond of people with diabetes. They may refuse to pay them or charge higher prices.

what are benefits of whole life insurance?
what are benefits of whole life insurance?

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.

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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.

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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.