Modified Premium Whole Life at Life

Modified Premium Whole Life. It is a form of permanent insurance, meaning that it is intended to be kept for a person’s whole life, as opposed to insurance for a temporary need, such as term insurance. Where a traditional whole life policy features fixed premiums throughout the duration of the policy, a modified premium policy starts out with lower premiums and adjusts the premium amount after an initial period.

Modified premium whole life policies are permanent life insurance contracts with level death benefits where the initial premiums that are much lower than regular straight whole life insurance during the first few years of the contract (usually five.) Modified premium whole life insurance is also known as modified whole life or graded life insurance. Modified whole life is a way of establishing a financial foundation that can be used in times of financial difficulties.

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Modified premium whole life insurance. It’s best for those who can’t afford a whole life policy now but want to lock in their rates while they are young. Modified premium whole life insurance is very similar to traditional whole life insurance. Modified life insurance is any policy with an alternative premium payment structure.