Best Modified Whole Life Insurance in 2024 (Your Guide to the Top 10 Companies)
Blue Cross Blue Shield, Cigna, and UnitedHealthcare provide the best modified whole life insurance, starting from $82 monthly. These leading insurance providers bridge temporary coverage needs, offering thorough protection and competitive pricing, appealing to those in search of cost savings and reassurance.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
UPDATED: Nov 4, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Nov 4, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Full Coverage Modified Whole Life Insurance
A.M. Best Rating
Complaint Level
Pros & Cons
0 reviews
0 reviewsCompany Facts
Full Coverage Modified Whole Life Insurance
A.M. Best Rating
Complaint Level
Pros & Cons
0 reviews
Blue Cross Blue Shield emerges as the premier choice for best modified whole life insurance, presenting competitive pricing beginning at $82 monthly for comprehensive coverage.
Our Top 10 Company Picks: Best Modified Whole Life Insurance
Company Rank Life Insurance Discount A.M. Best Best For Jump to Pros/Cons
#1 10% A+ Membership Discount BlueCross Blue Shield
#2 15% A Policy Bundling Discount Cigna
#3 12% A+ Loyalty Discount United Healthcare
#4 8% A Multi-Policy Discount Aetna
#5 11% A Healthy Lifestyle Discount Kaiser Permanente
#6 9% A Age-Based Discount Humana
#7 13% A+ Claims-Free Discount Prudential
#8 7% B+ Family Discount Molina Healthcare
#9 14% A Renewal Discount Ambetter
#10 11% A- Wellness Program Discount Oscar
- Blue Cross Blue Shield provides liability protection at $82 per month
- Discover leading providers of modified whole life insurance
- Use expert reviews to choose the most suitable for your health requirements
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#1 – Blue Cross Blue Shied: Top Overall Pick
Pros
- Diverse Coverage Options: Blue Cross Blue Shield offers a range of coverage options, including life insurance.
- User-Friendly Application Process: Blue Cross Blue Shield simplifies the application process through online tools and agent assistance.
- Membership Benefits: Additional perks provided by Blue Cross Blue Shield may enhance the value of their modified whole life insurance policies.
Cons
- Limited Availability: Our Blue Cross Blue Shield’s insurance review said they may not be available in all states.
- Impact of Nicotine Usage: Premiums may be higher for nicotine users, affecting those seeking the best modified whole life insurance.
#2 – Cigna: Best for Policy Bundling Discount
Pros
- Outstanding Customer Service: Cigna is well-known for its exceptional customer support, consistently achieving high satisfaction ratings and delivering personalized assistance.
- Competitive Rates: Cigna offers competitive pricing for auto, home, and life insurance, along with member discounts.
- Membership Perks: Cigna provides exclusive benefits like financial planning services and discounts on a range of products and services.
Cons
- Restricted Eligibility: Membership is limited to military personnel and eligible family members.
- Availability Limitations: Not all insurance products may be accessible in all locations served, as indicated in our Cigna insurance review.
#3 – UnitedHealthcare: Best for Loyalty Discount
Pros
- Diverse Coverage Options: UnitedHealthcare provides a variety of modified whole life insurance plans for customized protection.
- Personalized Assistance: A broad network of agents offers personalized guidance to customers.
- Financial Reliability: UnitedHealthcare’s solid reputation ensures reliability and stability for policyholders, as highlighted in our UnitedHealthcare insurance review.
Cons
- Limited Online Resources: Online tools may lack advanced features and functionality.
- Cost Considerations: Premiums, particularly for modified whole life insurance, may be relatively higher.
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#4 – Aetna: Best for Multi-Policy Discount
Pros
- Extensive Coverage Options: Aetna provides life insurance as part of its product offerings, as noted in our Aetna insurance review.
- Convenient Online Tools: Aetna offers easy-to-use online account management and bill payment options, enhancing customer convenience.
- Trusted Brand Recognition: Aetna’s reputable brand may inspire confidence among individuals seeking modified whole life insurance coverage.
Cons
- Limited Policy Details: Aetna lacks specific information regarding their modified whole life insurance policies.
- Privacy Concerns: Aetna’s use of targeted online advertising may raise privacy concerns for certain customers.
#5 – Kaiser Permanente: Best for Healthy Lifestyle Discount
#6 – Humana: Best for Age-Based Discount
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#7 – Prudential: Best for Claims-Free Discount
Pros
- Financial Reliability: Prudential insurance group’s A+ rating from A.M. Best guarantees robust stability.
- Diversity and Inclusion: Prudential’s dedication to diversity ensures inclusive coverage options.
- High Customer Retention: Prudential boasts over 90% customer retention, indicating widespread popularity.
Cons
- Limited Insurance Focus: Prudential may have fewer modified whole life insurance options available.
- Agent Accessibility: According to our Prudential insurance review, agent availability may be restricted in certain areas.
#8 – Molina Healthcare: Best for Family Discount
Pros
- Extensive Coverage: Molina Healthcare, a trusted provider, offers comprehensive whole life insurance.
- High Recommendation Rate: Based on our Molina Healthcare insurance review, they prioritize customer satisfaction with a 9 out of 10 recommendation rate.
- Financial Planning: Molina Healthcare provides investment products and planning services for long-term security.
Cons
- Limited Details: Obtaining detailed information on modified whole life insurance may necessitate direct inquiry.
- Service Complexity: Molina Healthcare’s diverse offerings might overwhelm those specifically seeking life insurance.
#9 – Ambetter: Best for Renewal Discount
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#10 – Oscar: Best for Wellness program Discount
Pros
- Cost-Effective Rates: Oscar insurance offers potential annual savings of up to $11 compared to standard health insurance plans.
- Customizable Policies: Policies can be personalized to meet individual requirements.
- Convenient App Features: The Oscar app offers convenient features such as trip monitoring, car health diagnostics, and street sweeping alerts.
Cons
- Restrictions: Certain restrictions highlighted in our Oscar insurance review may inconvenience some users.
- Limited Availability: Services are presently restricted to specific states.
Modified Whole Life Policy
Modified whole life premiums increase once but then remain steady, while traditional whole life policies maintain constant premiums throughout. Enter your ZIP code to compare.
Understanding the Cost of Modified Whole Life Insurance
Modified whole life premiums start low but rise significantly after 2-3 years. Traditional whole life policies are more cost-effective in the long run.
Modified Whole Life Insurance Monthly Rates by Coverage Level
Insurance Company Minimum Coverage Full Coverage
Aetna $88 $197
Ambetter $99 $234
Blue Cross Blue Shield $82 $185
Cigna $90 $188
Humana $94 $198
Kaiser Permanente $98 $215
Molina Healthcare $93 $224
Oscar Health $94 $230
Prudential $92 $217
UnitedHealthcare $85 $205
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Pros and Cons of Modified Whole Life Insurance
Modified whole life insurance isn’t typically a good idea for most people to consider.Ty Stewart Licensed Insurance Agent
Difference of Modified Whole Life Insurance From Adjustable Life Insurance or Limited Pay Life Insurance
With limited pay life insurance, you can prepay rates for a set period, avoiding future monthly payments, but it’s crucial to weigh all options before committing to a policy. Enter your ZIP code to compare.
Choosing Modified Whole Life Insurance: Despite Higher Costs
Modified whole life insurance is designed for individuals initially unable to afford standard whole life insurance premiums, allowing them to anticipate increased payments in the future.
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Type of Life Insurance I Need
Life Insurance
Modified Whole Life Insurance vs. Term: Monthly Rates for Seniors
| Age & Gender | Whole Life | 10-Year Term Life |
|---|---|---|
| 65-Year-Old Male | $359 | $54 |
| 65-Year-Old Female | $305 | $37 |
| 75-Year-Old Male | $643 | $151 |
| 75-Year-Old Female | $572 | $119 |
| 85-Year-Old Male | $1,478 | $300 |
| 85-Year-Old Female | $1,259 | $275 |
Buying a Modified Whole Life Insurance Policy
If finances are tight, consider modified whole life or term life insurance, but opt for a traditional policy if affordable for long-term savings.
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Case Studies on Modified Whole Life Insurance
Explore real-life scenarios highlighting the complexities and considerations involved in selecting life insurance guides through the following case studies.
- Case Study 1 – Experience with Modified Whole Life Insurance: John, 40, opted for a modified whole life insurance policy, enjoying low initial rates that later surged post-conversion, prompting a reassessment of his financial priorities.
- Case Study 2 – Comparison of Insurance Policies: Sarah, 30, explored modified whole life insurance but opted for convertible term life insurance due to its flexibility in converting to whole life without significant rate increases after thorough research.
- Case Study 3 – Evaluation of Coverage Needs: Mark, 45, seeking permanent life insurance, found modified whole life complex and risky. He opted for adjustable and limited-pay life insurance for more control and flexibility.
These case studies underscore the importance of thorough research and careful consideration when choosing a life insurance policy tailored to individual needs and financial circumstances.
The Bottom Line on Modified Whole Life Insurance
Modified whole life insurance is generally not recommended due to its high risk and expense. Adjustable and limited pay life insurance offer similar flexibility. For a cheaper alternative, consider convertible term life insurance, and consult with an agent to find the right coverage at the best price.
Before you buy modified whole life insurance, enter your ZIP code to get free modified whole life quotes from companies near you.
Frequently Asked Questions
What is a modified whole life policy?
A modified whole life insurance policy is a type of policy where the premium payment is subject to change. The premium starts lower and then increases after a period of five to 10 years. The death benefit remains the same as long as the premiums are paid on time.
How much does modified whole life insurance cost?
Modified whole life insurance has low premium costs at the beginning, but they become much higher after the first two to three years. The long-term cost of modified whole life insurance is generally more expensive than traditional or indexed whole life insurance.
Why buy modified whole life insurance if it’s more expensive?
Modified whole life insurance is designed for individuals who cannot initially afford regular whole life insurance rates. It allows them to start a policy at a lower premium with the understanding that the rates will increase after a few years. Despite the higher rates, the policy still provides a full death benefit to beneficiaries. Enter your ZIP code now.
What are the pros and cons of modified whole life insurance?
Pros of modified whole life insurance include initially lower rates and the potential to afford higher rates in the future. Cons include higher rates after the initial period and the risk of losing coverage if you can’t afford the higher rates.
How is modified whole life insurance different from adjustable life insurance or limited pay life insurance?
Modified whole life insurance, adjustable life insurance, and limited pay life insurance offer similar options with variations. Adjustable life allows feature adjustments, while limited pay enables prepayment of rates for a set time, catering to diverse needs, including women’s life insurance.
Is modified whole life insurance worth considering?
Modified whole life insurance is generally not recommended for most people due to its high risk, limited benefits, and expensive long-term costs. Convertible term life insurance may be a more affordable and less complicated alternative. Start now by entering your ZIP code.
What type of life insurance do I need?
The type of life insurance you need depends on your individual circumstances. If you’re unsure about the amount of coverage or whether you want a term or whole life policy, you may consider an adjustable life insurance policy. This type of policy allows you to change the nature of your coverage over time, such as switching from term to whole life or adding new riders.
How much is life insurance?
The cost of life insurance varies based on several factors, including age, health, and the type of policy. Generally, premiums increase with age. Whole life insurance tends to be more expensive compared to term life insurance. It’s important to shop around and compare quotes from multiple companies to find the best rates for your coverage needs. Do it now, enter your ZIP code.
What is a modified whole life policy?
How much does modified whole life insurance cost?
What are some of the pros and cons of modified whole life insurance?
How is modified whole life insurance different from adjustable life insurance or limited pay life insurance?
Why buy modified whole life insurance if it’s more expensive?
What type of life insurance do I need?
How much is life insurance?
Life insurance costs vary depending on factors such as age, health, coverage amount, and type of policy.
Should I buy a modified whole life insurance policy?
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
