Do you need life insurance but think you can’t afford it? You may be surprised to learn that there is a type of life insurance policy available that is both affordable and provides the coverage you need. It’s called Modified Premium Whole Life Insurance, and it’s a great choice for those who want the security of knowing they have coverage in case of an unexpected death, without breaking the bank.
What Is Modified Premium Whole Life Insurance?
Modified life insurance is a type of life insurance that allows you to change your coverage after you buy it. This can be helpful if your needs change over time. For example, if you get married or have children, you may need more coverage than you did when you first purchased your policy. 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.
One of the biggest benefits of modified life insurance is that it can be more affordable than traditional life insurance. This is because you only pay for the coverage you need, and you don’t have to buy a policy that is larger than you need.
If you are interested in learning more about modified life insurance, contact an insurance agent today. They can answer any questions you have and help you find the best policy for your needs.
How Is The Premium Modified?
The coverage and premium are based as if it was a term life policy during this time. After the term is complete, the premiums increase. The increased premium is higher than that of a typical whole life policy.
Next Steps
If you’re looking for a life insurance policy that can adapt as your needs change, modified life insurance may be the right choice for you. This type of policy offers more flexibility than traditional life insurance policies, and it can be more affordable, too. To find out if this coverage is right for you, request a quote today.
Need Help Getting Life Insurance Coverage?
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