The truth is, those are all marketing terms that mean the same thing. They're referring to a whole life insurance plan with limited underwriting, so people with health conditions can still qualify.
Premiums: Standard whole-life insurance has the same premiums as your entire Policy. Modified whole-life premiums are only available once.
The lower rates you're charged early in your modified whole-life Coverage aren't a discount — you'll make up the difference with higher payments after the initial period ends.
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.
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.
You can get modified premium whole-life insurance for as long as you want. Some companies require a two-year waiting period while others make you wait three years.
It is easy to get whole-life insurance. These are the details you should know:
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.
This applies to modified whole life insurance.
This is how cash value grows that you can borrow.
Do you want to know more about modified whole life insurance?
Answering health questions is necessary if you desire immediate coverage. There are no exceptions.
You can borrow
Compare those costs to term life insurance, where the same 35-year-old male would pay $30.44 per month for a $500,000, 20-year term policy.
Besides the premium payment schedule, modified whole life policies function similarly to traditional whole life policies. Modified whole life insurance builds cash value you can borrow against like a loan. You can also withdraw money from the cash value — minus any surrender fees.
Modified whole life insurance is permanent life insurance in which premiums increase after a specific period. Usually, the premiums increase after five or ten years but remain constant. Traditional whole-life insurance premiums, in contrast, remain the same throughout the policy's life.