Modified Life Insurance is Ordinary Life Insurance under which premiums are calculated so that the first few years of premiums are less than normal, and subsequent premiums in later years are higher than normal. This type of coverage may also be called Graded Premium Whole Life Insurance under which insurance premiums are lower than normal for the first few years, then gradually increase for the next several years until they become level for the remainder of the policy.
The death benefit for life insurance is not taxable assuming it is not a Modified Endowment Contract.
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.
No it is not assuming the policy isn't a Modified Endowment Contract.
Indeterminate premium
This type of insurance is kind of like an ARM mortgage. You pay low premiums for a set time, but then they increase after that.
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.
You can purchase modified car insurance online from the Nationwide website. You can also receive advice on how to purchase modified car insurance on websites such as Confused and Money Supermarket in their car insurance sections.
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There are many places with information about getting one's car insurance modified. One of the best places where one can find this is the insurance agency that they are currently signed up with.
You do not need a will for life insurance. I don't have a will, but I have life insurance. ;)
There are few places in North America that offer car insurance for modified cars. The potential for coverage depends greatly on the modifications that have been made. It has been found that "esurance" which is an Allstate branch does offer this type of insurance.