modified benefit life insurance

A modified whole-life insurance policy is not something most people should buy. Traditional whole life insurance is more complex and expensive than you need. You can get a modified whole-life policy for:

Modified Life Insurance — an ordinary life insurance policy with premiums adjusted so that the premiums are lower during the first 3 to 5 years than a standard policy. In subsequent years, the premiums are higher than a standard policy.

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.

The lower rates you are charged early in your modified Whole-Life Coverage are not a discount. You'll make up any difference with higher payments once the initial period ends.

Insurance companies cannot cover all health issues. They will have to decide where they can compete for particular health conditions.

The interest granted varies by the company as well. It's important to note the interest granted is based on the premiums you've made, not the death benefit.

In short, there are two kinds of death benefits: plans that pay a portion and plans that pay 100% right away.

A whole life insurance policy is very straightforward. Here's the fine print you need to know:

It is important to remember that any policy purchased from a company without health questions will have a 2 to a 3-year waiting period.