traditional whole life insurance

For example, if a company grants 10% interest and you made $1000 in payments, you will get back $1100 (if death occurred during the waiting period).

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.

Committing in a few decades to higher premiums

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.

Working with "captive agents" will limit your ability to sell one company. What if you have health problems?

Modified Life Insurance: An ordinary life insurance policy that has premiums adjusted so that premiums are lower for the first 3-5 years than a standard policy. The premiums increase in subsequent years and are more than those of a standard insurance policy.

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