Life Insurance Learning Center - Whole Life Insurance Types
Modified Life Insurance
Basically, in this insurance policy, the modified refers to the payment of the premiums. For example, in a modified three-year life insurance policy, the policy owner will pay the same premium amount for three years, and then after that, the premiums will increase and remain that way till the end. In a modified five-year life insurance policy, the same occurs. The premiums are the same but after five years, they increase and remain at their higher rate till the end. In a modified five-and-ten life insurance policy, the rate goes up on the premiums after five years, then again after another five years.
Sometimes, you can get a modified life insurance policy that has higher premiums in the beginning and then they go down in cost. Most of the time, these policies have riders attached to them, and it states that if the premiums are made at the same cost as the first year, then the difference between the second and forthcoming years will be deposited into a savings account or some other place.
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