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The following are some common issues that you may be able to qualify for a non-modified whole-life policy.

You would get the best Policy with the company offering the best rates, coverage, and support for diabetics.

It is necessary to be eligible for immediate coverage policies. While you aren't obligated to pass an exam, at least you will need to answer some health questions to be approved.

An example: If you receive 10% interest from a company and make $1000 monthly payments, you get $1100 back.

The lower rates you receive early in your modified whole-life coverage are not a reduction. After the initial period, higher payments will make up for the difference.

Losing out cash value savings is one of the main benefits of a whole life.

what is a modified life insurance policy

You will still be paying more for your coverage.

Two significant differences exist between traditional whole life insurance and modified full life insurance.

As we mentioned in this section of this article, some policies don't make you wait 2-3 years before the death benefit is payable.

what is a modified life insurance policy
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what is a variable life policy

Even though the differences may seem insignificant, they can immediately impact your finances. Although you won't lose much cash value over the two years, a more extended introductory period can cause you to fall behind. This will leave you without any critical policy features and cost five to fifteen times as much to obtain similar coverage under a term-life policy.

Your best Policy would be with whichever company offers the best rates and Coverage to a diabetic

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).

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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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reduced paid up insurance

Based on Coach B. data, a 35-year-old male without complex health issues would pay $517 per month for a $500,000 whole life insurance policy. You might pay less than that for the first few years of a modified whole life policy, but you'll pay even more for decades afterwards.

ABC insurance is an example of a company that excels in ensuring people with diabetes. It also offers rock-bottom rates. This is the way their underwriting was designed.

A modified insurance plan is only a type and final expense insurance.

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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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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.