straight life policy

how does return of premium life insurance work?

In reality, these are all marketing terms meaning the same thing. They are referring to a whole life insurance plan with limited underwriting. This means that even people with severe health problems can still be eligible.

Modified premium whole life insurance has two years for some companies, while others have a three-year wait.

This contrasts with traditional or level insurance policies, which lock in premiums and keep them the same.

best term life insurance —

Modified whole-life policy policies do not allow you to contribute cash to your Policy'sPolicy's value during the introductory period.

A modified whole-life insurance policy may be the best choice if you are looking for senior funeral insurance.

Modified premium whole life, also known as modified premium whole life, is a policy that offers low introductory premiums. The premium is not subject to an increase after the introductory period. However, it remains the same during the Policy'sPolicy's life. Modified premium policies allow you to receive a higher death benefit faster than usual.

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Modified whole life policies are also known as modified Premium Whole Life. They come with low introductory rates. The premium increases only once during the introductory period. It remains the same for the duration of the Policy. A modified premium policy allows you to purchase coverage sooner than you might typically be able.

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:

ABC Insurance company is a leader in providing insurance for people with diabetes. Their underwriting is designed to do this.

straight life policy
variable universal life insurance calculator
what is single premium life insurance?

what is single premium life insurance?

It is possible to have a modified plan, no matter your health.

Life insurance companies compete with each other via price and underwriting.

Consider a modified whole life policy. It's worth reviewing your budget and consulting with a financial adviser to ensure it's the right choice for your family.

modified life insurance pros

Why are we saying that?

Still paying much more for your coverage than you would for term life insurance

You can't contribute to the Policy's cash value during an introductory period with modified whole-life insurance policies.

modified premium variable whole life insurance
modified premium variable whole life insurance

You won't get a discount if you pay early for your modified whole-life coverage. Instead, you will make the difference by making higher payments after the initial period ends.

Your Policy will be cancelled if your premiums are not paid on time. You and your family may lose your Policy's financial protection.

Still paying more for your coverage than you would for term insurance

what is the difference between term and whole life insurance policies?

If you have diabetes, XYZ company will charge more for you than ABC company.

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

As mentioned in the previous section, not all policies require that you wait two years before your death benefit becomes payable.

what is the difference between term and whole life insurance policies?

Frequently Asked Questions



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.


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.



Is modified whole life insurance interest-sensitive? No, a modified whole life policy does not interest sensitive. It will build up a cash value that grows every time you make payment.