What Is Modified Whole Life Insurance Policy? 
Modified whole life policies are whole life policies that feature a different premium structure to make them more affordable during the early life of the policy . In short , the premiums are lower during the first 5 years of the policy and then increase to a specified amount for the remaining life of the policy . Traditional whole life policies feature a fixed premium for the entire life of the policy -LRB- if it 's a participating WL policy , then you may have the option to reduce the premiums over time using policy dividends - varies by carrier -RRB- . 