We all have different financial needs and objectives. But life insurance plays a fundamental role in most of our plans for financial security. That's because of the variety of life insurance plans available, such as Modified Premium Whole Life and Whole Life, and the many ways they can be customized to meet unique needs at different periods of your life.
Whole Life Insurance
Whole Life Insurance protects you for your whole life, from the day you
purchase the policy until you die, as long as you pay the premiums. It
is also called permanent insurance.
Modified Premium Whole Life Insurance
Modified
Premium Whole Life Insurance is insurance that protects you for your
whole life, from the day you purchase the policy until you die, as long
as you pay the premiums. It is a form of permanent insurance that
accumulates cash value and is eligible to receive dividends.
The Difference between Modified Premium Whole Life and Whole Life
Modified
Premium Whole Life differs from Whole Life in that it features a lower
initial premium that remains level for the policy's first five years.
The premium increases in year six and remains at that level for as long
as you own the policy.
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