Modified Life insurance Offer or Approved other than applied

You just received a modified life insurance offer. Your whole life final policy premium is higher than what you applied for. Why it happens and what to do next when it does.


modified life insurance

What is a modified life insurance policy

It is not a surprise if you receive a modified life insurance offer that is higher than your initial quotation. What should you do in case you receive such an offer? 

There is a higher chance of getting a higher final premium when you apply for life insurance and go through the underwriting process. When the premium comes back higher than what you expected from the initial quote, then it means that there are lapses in your medical result and your application details. It is the modified offer or also known as approved other than applied

It is possible to receive a modified life insurance offer from the insurer if the information you provided differs from what the underwriter discovers after carefully reviewing your details and medical examination result. 

modified life insurance policyIt isn’t delightful to receive a higher premium than what you expected from the initial quote, but you can always look for better options while you stay covered. You may accept the offer as is or accept the offer for a reduced coverage while you still shop for better quotes online with the help of an independent broker. Also, you may do 360 degrees lifestyle changes to achieve better health conditions..

Important Takeaways:

  • A high premium than what have quoted means that you are approved other than applying for a life insurance
  • Increased premium is a reflection of the information discovered right after the underwriting process
  • The information that you failed to disclose during the initial application is a huge factor
  • You have the liberty to accept, reduce the coverage, or totally decline the offer and shop around for other better offers
  • It is also a wise decision to accept the offer or decrease the amount of coverage to become financially secure, even if you are still reapplying
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What is a modified death benefit

modified death benefitModified policy benefits usually have a 2-year waiting period before the entire death benefit is paid to a beneficiary. If non-accidental death occurs before two years, the policy will only pay a return of premiums plus a percentage. … Death in year three or later will pay 100% of the death benefit.

Adjustable life policy

Adjustable life insurance is a hybrid of term life and whole life insurance that allows policyholders the option to adjust policy features, including the period of protection, face amount, premiums, and length of the premium payment period.

Compare and buy life insurance

Straight life insurance

straight life insuranceStraight life provides a level death benefit and premiums for as long as the insured person lives and premiums are paid on time. Term life insurance does not offer a cash value component like whole life insurance does.

Limited pay life policy

Limited pay life insurance is a type of whole life insurance that allows you to prepay for the entire cost of your coverage for a set number of years. … You may pay for your premiums monthly, quarterly, semi-annually, or annually if you select to do so in a restricted time period—typically 10, 15, or 20 years.

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About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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