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Are you curious about modified whole life insurance?

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.

ABC Insurance Company is an excellent example of how to ensure people with diabetes. They also offer rock-bottom rates. This is how their underwriting works.

Insurance companies cannot cover all health issues. They will have to decide where they can compete for particular health conditions.

Below are a few common health issues you could likely qualify for a non-modified whole-life policy.

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

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

After the period of lower premiums expires, the cost of the modified life policy is usually higher than a traditional level life insurance plan.

The premiums usually stay the same regardless of how much they rise. The average premium increase is only one time.

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straight life policy

straight life 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.

You must be eligible for immediate coverage policies. Although you won't need to take an exam to be approved, you must answer specific health questions.

The Cash value increases that you can borrow.

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You must answer any health questions if you wish to have immediate coverage. This rule is universal.

Some companies offer as low as 10% and others as high as 30%. Most companies, however, grant 10% interest for your premiums.

You can rejoice to know that you have the option of a modified plan, no matter your health situation.

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which of the following is not allowed in credit life insurance
which of the following is not allowed in credit life insurance

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.

These costs are comparable to term life insurance. A $500,000 policy for 20 years would cost $30.44 monthly.

A modified whole-life policy is something that most people don't need. Traditional whole-life insurance policies can be more expensive and complicated than you need. A modified whole life policy will give you:

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A policy that provides the best rates and coverage for a person with diabetes would be your best.

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

Like all things, there are pros and cons to everything.

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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.