what can life insurance be used for?

modifiedlife

Rejoice in the knowledge that a modified health plan is available, regardless of your current health.

The best Policy would be with the company that offers the most coverage and rates for a diabetic

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.

You may still be eligible for lower-cost policies that provide partial or complete coverage within the first two years.

Cash value builds up that you can borrow.

So if you want immediate Coverage, you have to answer health questions. There are no exceptions to that rule.

what is a variable life insurance policy?

The cash value of your whole life insurance is. You can have your cash value account funded immediately by your premiums. However, for most modified whole-life policies, you'll need to wait until the premiums increase.

If diabetes is a problem, your wallet and family will not appreciate XYZ because they'll refuse to treat you or charge you much more than ABC.

This contrasts against traditional or level life insurance policies. Premiums are locked in and will remain the same over time.

what is a variable life insurance policy?
is second to die life insurance a good idea?

is second to die life insurance a good idea?

These differences, while small in size, can significantly impact your financial situation. Even though you might not lose cash value growth for two years, an extended introductory period may cause you to be less successful. While you won't lose any critical policy features, you will pay five to 15 times more to get the same coverage under a life insurance policy.

Modified Life Insurance: This is an ordinary life insurance policy, with premiums lower than standard policies for the first 3 to 5 years. The premiums for the standard Policy are higher in subsequent years.

Here are some common conditions that could make you eligible for a whole life insurance policy.

what can life insurance be used for?

can i get life insurance if i have been diagnosed with cancer?

So rejoice in knowing that a modified plan is an option no matter how bad your health is.

The most important fact about life insurance is that there are many options.

This contrasts with traditional or level life insurance policies, where premiums are locked in and stay the same over time.

reviews on variable life insurance
reviews on variable life insurance

Are You Interested in Modified Whole Life Insurance?

Modified Life Insurance — an ordinary life insurance policy with premiums adjusted so that the premiums are lower during the first 3 to 5 years than a standard policy. In subsequent years, the premiums are higher than a standard policy.

If your family has diabetes, XYZ will deny you insurance or charge you more than ABC.

what is modified life insurance policy

A version of a whole life insurance policy where the insured pays less premium than usual for an agreed-upon amount of time. After that period, the premium payments increase to an agreed-upon amount that is higher than usual for the life of the Policy.

Your Policy will be cancelled if your premiums are not paid on time. You and your family may lose your Policy's financial protection.

In reality, these are all marketing terms meaning the same thing. They are referring to a whole life insurance plan with limited underwriting. This means that even people with severe health problems can still be eligible.

what is modified life insurance policy

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.