Explanation of Modified Whole Life Insurance

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Modified life insurance allows you to pay a lower premium for the first five years of your policy when compared to other policy types. Get an explanation of modified whole life insurance with help from a financial industry expert in this free video clip.

Part of the Video Series: Life Insurance Lessons
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Video Transcript

Hi, my name is Phil Cioppa, and I'm the host of the nationally syndicated radio program, "The Phil Cioppa Show." Today, the question comes to us what is modified whole life insurance and how does that really differ from whole life insurance itself. Well modified is actually whole life insurance in the fullest sense of the word except it allows you for the first five years to pay a lower premium as opposed to regular whole life insurance which actually begins where you add a premium that will be level forever. Modified, for the first five years you're going to pay a lower premium. It helps you gradually get into the whole life insurance experience. In the sixth year you're going to move up to a higher premium and then that premium will remain level. This is a great policy for young couples. It's a great policy for people who understand the tremendous value of whole life insurance and the cash buildup that can occur except it gets you into it little by little and doesn't place the burden on an individual as greatly as a straight whole life policy does. Thank you very much.

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