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A major disadvantage of a modified whole life insurance policy is that you can never change the face value on your policy. Additional coverage would require the purchase of an another policy. Also the growth potential on your policy is limited.

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โˆ™ 2010-03-02 01:28:55
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Q: What are the disadvantages of a Modified whole life insurance policy?
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Related questions

What is modified whole life insurance and how is it different from regular life insurance?

Modified whole life is a whole life policy that charges smaller premiums for a specified period of time after which the premiums increase for the remainder of the policy. Whole life often can change unrpedicatably due to inflation.


What is another word for whole life insurance?

You can call a whole life insurance policy as a "Non-Endowment Life Insurance Policy".


Is permanent life insurance the same as whole life insurance?

Technically, there is no insurance policy called as permanent life insurance. However, you can treat whole life insurance policy as permanent since the policy covered the whole life span of the policy holder and benefit is payable to nominee in the event of any eventuality of the policy holder.


What disadvantages are there to whole life insurance policies?

That basically the policy's are not disclosed to the owner of the policy. Also, that they are not as flexible as other insurance policies. If you run into a financial failure you have to find a way to use your own ways to come up with money.


If someone took out a modified benefit whole life insurance policy in June 1998 and died in August 2008 and the policy was 5000 what is the death benefit paid?

5000 contestability period is two years


What is the description of whole life insurance?

In Whole life policy, insurance claims are entertained in case of any eventuality of the policy holder during the tenure of the policy period only, like term assurance policy.


What is description of whole life insurance?

In Whole life policy, insurance claims are entertained in case of any eventuality of the policy holder during the tenure of the policy period only, like term assurance policy.


What is ordinary life insurance?

Actually, whole life insurance policy other than endowment,single premia or ulip policy can be called ordinary life insurance policy.


What is the best life insurance policy in India?

Government Owned Life Insurance Corporation of India's New Jeevan Anand Policy is at present the best insurance policy in India, which is a mixture of endowment and whole life policy, which is indeed novel and unique in the whole world.


What are the disadvantages of whole life policy?

The only disadvantage is the higher cost compared to a term policy.


What is the difference between term and whole life insurance if there is any?

The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.


What is convertible term insurance?

A term policy that can be converted to a whole life (or other) policy.

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