What does Modified Whole Life mean? Read on to discover the definition & meaning of the term Modified Whole Life - to help you better understand the language used in insurance policies.
Modified Whole Life
Whole life insurance with premium payable during the first few years, usually five years, only slightly larger than the rate for term insurance. Afterwards, the premium is higher for the remainder of life than the premium for ordinary life at the original age of issue but lower than the rate at the attained age at the time of charge.
We hope the you have a better understanding of the meaning of Modified Whole Life.