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The bad: These plans have two significant drawbacks. They have a waiting period and premiums. These plans are available to applicants with severe health problems. The insurance company is willing to take on many risks. The premiums for modified policies are higher than those of non-modified policies. There is a waiting period of 2 to 3 years before death benefits are paid out.

Coach B. data indicates that a 35-year-old male without complex health issues would be able to pay $517 per month for a $500,000 Whole Life Insurance Policy. You may pay less for the first few years, but for many decades, you'll be paying more.

While the differences may seem small, they can have a tangible impact on your finances. You may not lose out on much cash value growth over two years, but a more extended introductory period can set you back. And you'll be going without a critical policy feature while paying five to 15 times more than it costs to get similar Coverage under a term life policy.

Why are we saying that?

A quick recap: There are two types of partial coverage plans. One pays a portion of your death benefit for the first two years, and another pays 100% immediately.

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

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First, you will almost certainly have the option of a modified whole-life contract. Senior citizens over 80 are exempt from this rule. Modified plans can only be obtained by those over 80.

If you are looking for immediate coverage, you will need to answer some health questions. There are no exceptions.

Coach B. and other agencies, you can only get the best coverage for the lowest rate if you work with an independent agency. This agency will review at least 15 life insurance companies on your behalf.

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Just like most things in life, everything has its pros and cons.

Prices cannot increase over time. There is no way to decrease coverage; the Policy cannot be cancelled at any time.

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These common health conditions may qualify you for a whole-life non-modified policy.

Lastly, you may see companies refer to modified life plans as "final expenses life insurance", "funeral coverage", or "burial Insurance".

Answering health questions is necessary if you desire immediate coverage. There are no exceptions.

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A "captive agent" is someone who can only sell you one company. What if the company you are working with doesn't like your health?

You are missing out on one of your most excellent life-enhancing benefits

However, you may be able to qualify for better, less expensive policies that offer full or partial Coverage during the first two years.

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If a company gives 10% interest and you make $1000 in payments, you'll get $1100 back (except if you die during the waiting period).

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

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.

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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 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.