Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Jan 9, 2022

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The Lowdown

  • Modified whole life insurance has premiums that increase after a five to 10 year period
  • Over time, you will pay more for a modified whole life policy than you will a traditional whole life policy
  • How much you pay for life insurance will depend on certain factors like your age and gender

If you are shopping for a life insurance policy, you will encounter a lot of different options for coverage. It may take you some time to decide on the perfect policy for you and your beneficiaries.

One type of policy you may be interested in is a modified whole life insurance policy. Keep reading to learn more about modified whole life insurance policies and see if that’s something you’re interested in.

As you shop around for life insurance, remember to compare rates from multiple companies to be sure you’re getting the best coverage for the best deal.

You can use our free quote tool above to compare modified whole life insurance rates with multiple companies in your area to get started.

What is a modified whole life policy?

A modified life insurance policy is any policy where the premium payment is subject to change. With this type of policy, the premium will typically start lower and then increase after anywhere from five to 10 years.

A modified whole life insurance policy is the most common example of this type of coverage. But there are modified term life insurance policies as well.

With a modified whole life insurance policy, after the initial five to 10 year period when you pay lower rates, you can expect your new rates to be higher than those related to a traditional life insurance plan.

While modified whole life premiums will increase, this typically only happens once. After an increase in premiums, you will continue to pay the same rate for the rest of your life.

Additionally, the death benefit of a modified whole life policy will remain the same as long as you pay your premiums on time and don’t miss any payments.

In contrast to a modified whole life policy, you may be interested in a traditional or level whole life policy. With this type of policy, the premiums are locked and will never increase for the duration of the policy.

Why buy modified whole life insurance if it’s more expensive?

Modified whole life insurance policies are made for people who are not initially able to pay regular whole life insurance rates. This way, you can start a policy with the understanding that in a few years, you will have to pay more for coverage.

Modified whole life insurance policies do carry cash value, though not as much as a traditional whole life policy.

And modified whole life insurance will pay out the full death benefit to your beneficiaries regardless of whether you’re paying the lower initial rate, or the higher long-term rate for your policy.

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What type of life insurance do I need?

The type of life insurance you need depends on your unique set of circumstances.

If you’re deciding between term or whole life insurance or don’t know how much you want to invest in the cash value or death benefit of a policy, you can look for an adjustable life policy.

With an adjustable life insurance policy, you have the flexibility of changing the nature of your policy over time. This could mean changing from a term to a whole life policy or adding new riders to your policy in 12 years.

Adjustable life insurance rates will be more expensive. However, if you want the flexibility of not being locked into a policy, it might be a good option for you.

Additionally, if you don’t want to pay insurance premiums after a certain age, you might want to look for a limited pay life policy. These policies charge higher premiums for a set number of years. But, after, you only pay for a set period while keeping the benefits of a whole life insurance policy.

How much is life insurance?

The amount you will pay for life insurance depends on many factors. These factors include:

  • Your age, gender, career, and hobbies
  • Your health background and family’s health history
  • Whether you use tobacco products
  • The type of policy you want

If you’re young and healthy, you can expect lower life insurance rates than someone who is in their late 60s or with several health issues. The table below shows term and whole life insurance rates for a $100,000 policy:

Whole Life Insurance and Term Life Insurance Rates for a $100,000 Policy

SexAgeWhole Life Insurance Rates Per Month10-Year Term Life Insurance Rates Per Month
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As you can see, these policies get much more expensive as you age. Whole life insurance quotes, especially at an older age, are much higher than term life coverage.

If you are worried about the cost of life insurance, it’s a good idea to shop around and see how much you can expect to pay for coverage. Be sure to compare quotes from several companies to start your research.

Should I buy a modified whole life insurance policy?

If money is tight and you’re worried about paying for life insurance, a modified whole life or term life policy may be a good idea. But if you can afford a traditional policy, buy one. It will save you money in the long run.

But make sure you know what you need and how you want to protect your loved ones before you make any final decisions. Consider your expenses and investments and choose a life insurance policy with manageable rates and useful coverage.

As you figure out just what you’re looking for, don’t hesitate to compare rates from term and whole life policies to see what might work best for you. Use our free quote tool below to start shopping for affordable modified whole life insurance quotes today.