Graded Premium Whole Life at Life

Graded Premium Whole Life. Graded premium whole life insurance is similar to modified whole life insurance in that premiums are in the first few years when compared to straight whole life insurance. What is graded premium whole life?

Graded premium whole life insurance. When any policy requires increases over a period of time, it is referred to as a graded premium policy. However, instead of the premium “jumping up” all at once, a graded premium whole life contract “steps up” periodically so that they are higher than those of a straight whole life insurance policy.

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If you should pass on during this time, your heirs will still get some payout. Graded benefit whole life insurance, also known as gbl insurance, is a specialty type of whole life insurance that is usually offered as life insurance policy for people that might have a hard time getting other types of life insurance. For those who only want to keep premiums low while having immediate death benefit protection, term life insurance can be used. They’ll obtain the amount you paid in premiums with interest.