Term Insurance with Modified Premium

What is modified term insurance and how does it work?

Modified term insurance is temporary life insurance that comes with premiums that change over time.

Term life may provide coverage lasting for a period of up to 30 years, with options of 10, 15, 20, 25 or 30 years.

Modified term has premiums that change on a regular interval, usually every five or ten years.

The change in premium may increase or decrease each interval.

So, you may buy a term life policy with modified premiums that increase every five years, which enables you to buy more life insurance than you may be able to afford with another type of term life plan, because your modified premiums are lower the first five years you are insured.

Learn more about term insurance with modified premiums.