What is “Modified Life Insurance?”

What is “Modified Life Insurance?”

Well, before telling about the modified life coverage, we have to  go through a little bit introductory at first-

Life is beautiful but it is unpredictable and unforeseen that many things can happen. As human beings, we have to think about our future in a more secure way. Life insurance helps us to make the best plan if we face any troubled situation in future like an accidental death.

Life insurance is the strongest part of our financial planning and also a testament to caring for those we cherish. Different categories of life insurance exist according to your plans and abilities. Term life insurance or whole life insurance are two primary categories of life insurance. Term life insurance lasts usually 10 to 30 years where whole life insurance lasts the entire lifetime. And the most important matter is,  Modified life insurance is a part of whole life insurance.

Modified Life Insurance
Modified Life Insurance

Modified Life Coverage &  Experts Saying

Now-a-days, modified life insurance is the most searched topic on Google. People feel more to know about it. Okay then, let’s go to know more about it….

According to “IRMI”, “modified life insurance refers to an ordinary life insurance policy with premiums adjusted so that, during the first 3 to 5 years, the premiums are lower than a standard policy, and in subsequent years, the premiums are higher than a standard policy.”

According to Amanda Shih & Tory Crowley, “A modified whole life policy offers lifetime coverage for a low initial premium that increases significantly after a certain number of years”.

Benefits of Modified Life Insurance

As a part of whole life insurance,” Modified Life Insurance “ allows you to change your coverage after you buy it. It becomes more helpful ,if you need to change over time. As example: if anyone gets married or has children, he or she may need more coverage than the first purchased policy. With the help of modified life insurance, anyone can increase or decrease coverage policy as needed.

How does modified whole life insurance work?

Lifetime coverage provided by the modified whole life insurance. You have to pay a lower amount for a set number of years, then pay a higher rate for the remainder of the policy. Who should buy modified whole life insurance? Anyone can buy modified whole life insurance. But you must be sure that you can afford the premium increase in future. If you are considering a modified whole life policy seriously, review your own budget very carefully.


Consult with a financial advisor to ensure that it is the best choice for you and your family. Modified life insurance is appealing to those who can foresee having more funds available a few years in future.It is also attractive to those who want to focus on dealing with major expenses in the short term like paying off a car,mortgage or student loan. In the initial stage,with lower premiums,more money can be put toward other expenses. However some more advanced niche features are not available with modified life insurance policies.

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