Can you explain a modified life insurance policy?

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Q) Another senior told me about a modified life insurance policy, can you explain?
A) Death Benefit is limited in the first two years to a return of premiums paid plus 10% annual interest and equals 100% beginning of the third year.
For some seniors with certain major medical conditions you may only qualify for a modified death benefit life insurance policy. The policy may cost you more that the usual as the insurance companies underwriting guidelines may place you in a high risk category.Modified Benefit Senior Whole Life Insurance Policy Quote Examples

Female,
Modified Benefit
Coverage
Amount
Monthly
Premium
Age 50 $5,000 $14.53 p/m
Age 55 $5,000 $18.38 p/m
Age 60 $5,000 $23.70 p/m

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With a modified death benefit life insurance policy policy, if you were to die during the first two years of your policy, the life insurance company will return to your beneficiary the total of all premiums paid plus 10% interest on the total paid. If you were to die any time after the third year anniversary of your policy, the life insurance company will pay the full face value (100% of the face value) to your beneficiary.

Though the policy may cost more, it is best to have coverage so as to avoid the burden of having your loved ones pay for the high cost of your funeral.

Benefits of having a Modified Benefit Whole Life Insurance policy:
    • Death Benefit limited in the first two years
    • to a return of premiums paid plus 10% annual interest.
    • Third Year Death Benefit 100% of cash value.
    • Policy builds Cash Value.
    • Your monthly premium (payments) will never increase.
    • You can never outlive your policy.
    • Policy pays your beneficiary as long as premiums have been paid.
    • Policy cannot be revoked by the insurance company.
    • Guaranteed Death Benefit.
    • Your policy last your whole life.
    • Policy cannot be cancelled except for non payment.
Get Whole Life Insurance Coverage
UP TO AGE 85 WITH NO MEDICAL EXAM at SeniorCareLife.info
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