what is a graded premium whole life policy?

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

If diabetes is a problem, your wallet and family will not appreciate XYZ because they'll refuse to treat you or charge you much more than ABC.

The bad: Two significant drawbacks are the waiting periods and the premiums. These plans will accept applicants with serious health issues. Insurance companies take on significant risks because of this. Because of this, premiums are more expensive than non-modified Policies, and there is a waiting period for the death benefit to pay out.

These are all marketing terms which mean the same thing. These terms refer to whole life insurance plans with limited underwriting. People with certain health conditions may still be eligible.

Your best Policy would be with whichever company offers the best rates and Coverage to a diabetic

Understanding that not all companies are the best for you is essential.

Your Policy may be cancelled if premiums don't go up. Also, you could be subject to high surrender costs. Even more important, your family could lose their financial protection.

Modified life policies are usually more expensive than traditional level life insurance plans after the period with lower premiums ends.

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.