Modified Whole Life Insurance
Whole life insurance is a type of permanent life insurance with a cash value and an investment component. Traditional whole life insurance has fixed payments which continue for the insured’s entire life, while modified whole life insurance offers a variety of affordable payment plans to meet the needs of different individuals. There are a number of reasons to choose modified whole life insurance for your personal needs.
Payment Options With Modified Whole Life Insurance
Individuals with enough current financial resources can opt for single premium life insurance where the policy is paid in full at the time it is issued. The payment is credited toward the cash value of the policy. Some policies offer lower premiums for the first five years the policy is in effect and others offer a limited payment option in which the policy is paid off in ten or twenty years. Dividends may be applied toward premiums as they are earned, reducing the amount of payments.
Why Choose Modified Whole Life Insurance?
Although term life insurance has lower premiums for younger applicants, the rates get higher each time the policy is renewed. A young adult can choose a modified term life policy with a lower initial premium which only goes up once and then remains stable for the life of the policy. Term life policies do not accrue cash value like whole life policies and over a lifetime the cost of the two types of policies are about the same, but term life insurance pays no returns on premiums.
Whole Life Insurance Quotes
Modified whole life insurance allows individuals to plan for the future while protecting the present. The death benefit for whole life policies is the same as for term policies, but whole life accrues cash value which can be used when it is needed. A permanent policy is also protection against changes in health which may render a person uninsurable.
To help consumers find affordable life insurance quotes online, TheLifeInsuranceQuote.com allows users to enter their 5-digit zip code and compare whole life insurance quotes from the best insurance companies in the U.S. By comparing life insurance rates, policies, and coverage, consumers can be certain they are buying the best, affordable life insurance available on the market.
