Life Insurance Basics
What is a modified benefit life insurance policy?
A modified benefit life insurance policy is similar to a graded benefit policy — it pays a reduced death benefit during the first 2-3 years. After the modified benefit period, the full death benefit is paid. Modified benefit policies are available to people with health conditions who cannot qualify for traditional coverage.
Key Points
- Modified benefit: reduced death benefit during first 2-3 years
- After modified period: full death benefit is paid
- Available to people with health conditions
- Similar to graded benefit policies
- An independent agent can help you find the best modified benefit policy