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The main differences between whole modified life and traditional whole life insurance are:

A whole life insurance policy is very straightforward. Here's the fine print you need to know:

You may still be eligible for lower-cost policies that provide partial or complete coverage within the first two years.

A policy that provides the best rates and coverage for a person with diabetes would be your best.

Death benefit protection doesn't change, but premiums aren't the same.

The cost of a modified life policy will usually be higher than a traditional life insurance plan after the period of lower premiums has ended.

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In reality, these are all marketing terms meaning the same thing. They are referring to a whole life insurance plan with limited underwriting. This means that even people with severe health problems can still be eligible.

You can get modified premium whole-life insurance for as long as you want. Some companies require a two-year waiting period while others make you wait three years.

Some companies offer a two-year waiting period for modified premium whole lives, while others require you to wait three years.

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Remember that for any policy from any company where there are no health questions, there will always be a 2-3 year waiting period.

Answering health questions is necessary if you desire immediate coverage. There are no exceptions.

Modified Insurance for life is defined by the fact that premiums can change over time. This usually happens between five and ten years after the Policy starts.

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Prices cannot increase over time. There is no way to decrease coverage; the Policy cannot be cancelled at any time.

You are missing out on one of your most excellent life-enhancing benefits

The company determines the interest that is granted. Remember that the interest granted depends on how much you have paid for premiums and not your death benefit.

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what is a graded death benefit policy?

Do you want to know more about modified whole life insurance?

If you are looking for immediate coverage, you will need to answer some health questions. There are no exceptions.

If you have diabetes, XYZ company will charge more for you than ABC company.

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The company will determine the amount of interest granted. Understanding that the interest granted will be based on your premiums and not the death benefit.

Why do we say that?

Coach B. and other agencies, you can only get the best coverage for the lowest rate if you work with an independent agency. This agency will review at least 15 life insurance companies on your behalf.

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Frequently Asked Questions



CEO, The Annuity Expert. A Modified Endowment Contract, or MEC, is a life insurance policy modified from the traditional whole life insurance policy. A MEC offers tax-deferred growth and allows you to take out loans against the policy's cash value without penalty.


Modified whole life insurance offers lower premiums for a short time (usually two to three years but occasionally up to five or 10), followed by a higher rate for the remainder of the policy.