Modified Whole Life Policy

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However, after this period is over, the rates increase and are often considerably higher than the average whole life insurance rates. With modified life insurance, you can increase or decrease your coverage as needed. Modified whole life insurance works the same as an ordinary whole life insurance policy except in how it is funded. These policies have premiums that are lower than those of typical whole life policies during the first few years, then increase afterward.

Term life policies last a specific time — such as 10, 20 or 30 years — and then expire. Permanent life insurance lasts your entire life and usually includes a cash value component, or savings account, that grows slowly over time. Modified premium whole life policies are eligible for dividends, the same as level premium whole life policies. Because of the lower cash value amount accrued during the early years, dividends will generally be lower initially as well. Modified whole life insurance provides full life coverage but has an alternative premium structure. The policy allows for lower premiums for the first few years of coverage, and then the premiums rise for the remainder of your life. The time frame for lower premiums is called an introductory period. Usually, it lasts anywhere from three to five. What is modified whole life insurance?