The Truth About Modified Whole Life Insurance Policies

Looking for Senior funeral insurance with health impairments? Then modified whole life may be right for you. You’ve come to the right place!

A modified whole life policy is permanent life insurance great option for those who need senior policies and aren’t covered by an employer or another form of coverage. We’ll explain how these plans work, show you actual prices so that there’s no doubt in your mind before deciding on one.

What is the difference between whole life insurance and modified whole life insurance?

Modified whole life insurance is a policy where there’s a waiting period during the first 2-3 years depending on the carrier. During this time, you’ll get all your premiums back with interest.

In addition, if you die from an accident it pays out on day one. A modified policy is similar to a graded policy.

Whole Life

Whole life insurance is a great way to provide yourself with financial security for your family.

Here are the key details that you need:

Policies cannot increase in price over time (Unlike Globe); in addition, the face amount does not decrease (Unlike Colonial Penn). You also get coverage for life as long as you make your premium payments.

And finally, there’s cash value – where funds collected from payments go into an account.

Beware of hybrid products such as AARP, Colonial Penn, Globe Life, and Lincoln Heritage,

Modified Whole Life

For modified premium whole life insurance, there can be different waiting periods depending on the company. Some make you wait two years while others require three and some grant interest at low rates of 8% or higher.

If a person pays $1000 in premiums then death occurs during this period with no claims made against it, then the beneficiary will get back 100% Plus 10%, so they will get back 1100 dollars from that policy because this is how much was paid during the period.

Overall, it is important to note that not all modified whole life plans are the same.

There can be a variety of different modifications for people with health conditions and those who want limited underwriting but still need coverage in case something happens.

Pros and Cons of Modified Whole Life Insurance

Life insurance is a complicated topic. It’s not just one thing, it varies depending on which kind you have and how much protection that provides for your family in case something happens to you.

That being said; some types come with their own set of perks and drawbacks so let’s take them one by one!


You can’t go wrong with a whole life modified plan if you have a serious pre existing condition!

With very limited or no medical/lifestyle underwriting, these policies are the perfect way to get new coverage for those who have illnesses others won’t insure. 

A Modified whole life policy may be all that’s needed in order to secure a policy.


The drawback to these plans? Well, they’re not for the faint of heart.

You see there are two major drawbacks: The waiting period & premiums!

These policies only accept applicants who have very serious health issues which means that insurers take on a lot of risk leading to higher prices as well as long wait periods before payout if something should happen (so no 100% payout until after 2-3 years).

What does a Modified Whole Life Insurance Policy Cost

These are the best whole life insurance rates you’ll find, but remember that each company has different rules and waiting periods.

So what does this mean for you? It means shopping around is key! Below are the rates for the best modified whole life insurance policies. Overall, you can get more or less.

The premium for a modified whole life policy is:

Modified Whole Life Rates For a Female


Modified Whole Life Rates For a Male


Overall, most modified whole life coverage ranges from $2000-$25000, with some carriers going as high as $40,000. Call us to find out which one is best for you.

Is Whole Life Modified Insurance Good For Me

You can get a modified whole life contract for just about any health issue.

You may be able to qualify for better less expensive policies that offer full or partial coverage during the first two years! And remember, modified plans are only available when you’re younger than 80.

There are basically two types of plans, the modified and full coverage. The difference between them might seem small, but it’s not!

Let me break down for you what each one entails…

Full Coverage Day one

The most important thing to remember about this plan is that it will pay out the full death benefit even if you die two days after being issued a policy.

Insurance companies often use words such as “level” or “preferred” when describing full immediate coverage that premium changes and premium increases do not happen; these are just different ways they describe what kind of policies offer more protection than others which may be helpful in making your decision on purchasing one!

Partial Coverage For Limited Time

Partial coverage plans are a great option for people who can’t get covered for an immediate policy.

These types of policies payout 30-40% in the first 12 months and 70 -80 percent month 13-36 (depending on carrier), with carriers referring to them as “graded”. 

You can qualify for a plan that has immediate coverage and likely cost less if you have any of the following: 1) Overall health; 2) Age; 3) Residential State.

If any factor on this list applies to you then give us a call at 1-855 380 3300! We will quickly have an agent talk with you about how we can help ensure full or partial insurance as soon as possible based on that criteria without breaking the bank.

Health Issues That May Cause A Modified Whole Life Option

We encourage you to call us if your health issues match these criteria, as we will work with you on the best plan for YOUR needs!

  • Diverticulitis
  • Angina (Chest Pains)
  • Diabetic Neuropathy
  • Type 1 Diabetes
  • Heart Attacks Over 1 Year Ago
  • Full Blown Strokes Over 1 Year Ago
  • Cancer >1 Year <2 Years
  • Disability
  • Blood Clots
  • Bi-Polar Disorder
  • Graves Disease
  • Crohn’s Disease
  • Atrial Fibrillation
  • Scleroderma
  • Chronic Kidney Disease (CKD)
  • Blindness
  • COPD/Emphysema
  • Liver Cirrhosis
  • Sarcoidosis
  • Hepatitis A, B, C
  • Congestive Heart Failure 
  • Defibrillator/Pacemaker
  • Home Health Care
  • Parkinson’s Disease
  • Multiple Sclerosis
  • Systemic Lupus SLE
  • Assistance With Actives Of Daily Living ADL’s

We can get you the best price regardless of your situation

The reason life insurance companies compete with each other is that there’s no one company that can meet everyone’s needs or face value.

The insurance industry is a tricky business, with companies competing for your wallet. Some may have different rates depending on the person they’re underwriting policies for.

For example, company A excels at insuring diabetics and offers low rates while Company B is not lenient towards this health impairment.

In fact, denying consumers coverage or charging them more than necessary because you did not know the better carrier, that’s where WE come in.

Diabetics need to find the best company that offers the rates and coverage of their condition. Overall, getting an affordable way for coverage.

Independent Agent vs Captive

The only way to get the best price is by working with an independent agent/Broker who can shop your profile to multiple life insurance companies.

They will match you up with whichever one views your health most favorably and that’s where they’ll find coverage at a low cost!

Above all, you can have the best coverage at a low price by working with an independent insurance agency. It’s important to do your research and compare rates, but don’t be discouraged!

If you find that one company is not right for whatever reason (they dislike health issues), then just go elsewhere. 

BEWARE of captive agents, they cannot offer multiple carriers and are limited usually to one product. 

Can you get life insurance without a waiting period?

If you’re looking for a policy with an immediate payout, we can help! If there is coverage out there where they don’t make you wait two or three years before the death benefit kicked in, we will find it.

When considering a policy, one must first understand the requirements to qualify for an immediate coverage insurance plan. In most cases, this means answering some basic questions about personal information such as medical history and securing approval. 


So, there you have it. We’ve gone over the basics of what Modified WL policies are and how they work in more detail. Now that you know everything about these types of insurance products, it’s time for you to make an informed decision on whether or not this is something that is right for you and your family. If so, get a quote from us and see if we can help!