The Modified Premium Whole Life Contract is designed for individuals seeking permanent life insurance protection with more affordable initial premiums. This contract type offers a solution for those who anticipate higher future income but need immediate coverage. It combines the security of guaranteed level death benefits with cash value accumulation, while featuring lower initial premium payments that increase after a specified period. The contract must comply with both federal regulations (including IRC Section 7702) and state-specific insurance laws, making it a highly regulated financial product in the United States. Typical uses include estate planning, wealth transfer, and long-term financial protection.
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1. Parties: Identification of insurer and policyholder
2. Background: Purpose of the insurance contract and basic terms
3. Definitions: Key terms used throughout the policy
4. Premium Payment Terms: Structure of modified premium payments, including initial and subsequent premium amounts
5. Death Benefit Provisions: Details of death benefit calculation and payment
6. Cash Value Provisions: Details of cash value accumulation and access
7. Non-forfeiture Options: Options available if premium payments cease
8. General Provisions: Standard contract terms including incontestability and suicide clauses
1. Rider Provisions: Additional benefits that can be added to the base policy when policyholder selects optional riders
2. Policy Loan Provisions: Terms for borrowing against policy cash value when policy allows loans
3. Dividend Options: How dividends are handled if declared - applicable for participating policies only
1. Premium Schedule: Detailed breakdown of premium payments over time
2. Table of Guaranteed Values: Shows guaranteed cash values, paid-up insurance, and extended term insurance values
3. Policy Illustration: Shows projected policy values under various scenarios
4. Rider Schedule: Details of any additional riders attached to the policy
5. State-Specific Endorsements: Required state-specific policy provisions
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