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I want to protect my family financially
We can discuss your needs and explain your life insurance options. Coverage and availability depend on each policy and the insurer’s evaluation.
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Life insurance 101
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Modified Whole Life Insurance
A modified whole life policy offers lifetime coverage for a low initial premium that increases significantly after a certain number of years.
Modified whole life insurance is a type of whole life insurance that offers lower premiums for a short period—usually two to three years, but occasionally up to five or 10—followed by a higher rate for the remainder of the policy. The initial savings can be tempting, but high premiums and complicated policy options make it a less-than-ideal life insurance policy for most people.
What Is Modified Whole Life Insurance?
Also known as modified-premium whole life, a modified whole life policy comes with low introductory premiums. The premium increases only once after the introductory period and then stays the same for the rest of the time the policy remains in force.
Many modified whole life policies do not allow you to contribute to your policy's cash value during the introductory period.
What Is the Difference Between Standard Whole Life Insurance and Modified Whole Life Insurance?
The two main differences between traditional whole life insurance and modified whole life insurance are:
Premiums: Standard permanent life insurance has the same premiums throughout your policy, while modified permanent life premiums change once.
Cash value: With permanent life insurance, your premiums begin funding your cash value account immediately. For most modified permanent life policies, however, you must wait until your premiums increase.
Although these differences may seem small, they can have a real impact on your finances. You may not miss out on much cash value growth over two years, but a longer introductory period can set you back. And you will go without a key policy feature while paying five to 15 times what it costs to obtain similar coverage under a term life policy.
How Much Does Modified Whole Life Insurance Cost?
The lower rates you are charged at the beginning of your modified whole life coverage are not a discount: you will make up the difference through higher payments after the initial period ends.
According to Policygenius data, a 35-year-old man without complex health issues would pay $517 per month for a $500,000 whole life insurance policy. You might pay less than that during the first few years of a modified whole life policy, but you will pay even more during the decades that follow.
Compare those costs with term life insurance, where the same 35-year-old man would pay $30.44 per month for a $500,000, 20-year policy.
If you cannot afford your premiums when they increase, your policy will lapse, and you could be responsible for substantial surrender charges. More importantly, your family will lose the financial protection your policy provides.
If you are seriously considering a modified whole life policy, review your budget carefully and consult a financial advisor to make sure it is the best option for you and your family.