modified premium whole life

Modified whole-life insurance has lower premiums for a shorter time (usually between two and three years, but sometimes up to five or ten) and a higher rate for the remaining period. It may seem appealing initially, but the premiums are high, and the policy options are complicated, making it not the best choice for most people.

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

So rejoice in knowing that a modified plan is an option no matter how bad your health is.

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.

The bad news: These plans come with two serious drawbacks, the premiums and the waiting period. These plans allow applicants who have serious health problems to apply. The insurance company accepts many risks because it takes on a lot. These premiums are often higher than for non-modified policies. They also have a waiting period of up to 2 years before the death benefit is paid.

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.

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

This is undoubtedly true for modified whole life insurance.

Although some companies pay as low as 8% while others go as high as 30%, most companies give 10% interest on your premiums.