"One of the less known life insurance policies is the
graded premium life insurance policy. This is a whole life type policy that starts out with a lower than usual premium which increases every year for a certain number of years and then levels off and remains level for as long as you own the policy. If a person desires to own permanent life insurance and is unable to afford the full premium initially then the graded premium life policy may be a fitting alternative. The graded premium life insurance policy is sometimes referred to as graduated premium life insurance." see
Graded Premium Life Insurance
I don't mean to muddy the waters, but in health and disability insurance there is a difference between a Standard policy, an Impaired Risk policy, and a High Risk pool.
If someone is "rated up" on a Standard policy, it can become unaffordable. The lowest rates are Preferred, the average joe is Standard, and those with some minor issues may be rated up further: "A, B, C, D" (D=denied) with consequent higher premiums.
If a federal or state law disallows consideration of health issues, (for example group insurance subscription or certain enrollment periods) IOW no u/w, then by default it is "guaranteed issue". Usually this results in higher premiums and can again lead to unaffordable coverage.
If underwriting denys someone a Standard policy, they can seek either another carrier with less strict u/w, which is usually referred to as "impaired risk" (there are companies that specialize in IR), or seek relief under their state's "High Risk" pool which can again, be unaffordable.
I understand this is true of Life, also. This is not my area, so someone correct me if need be.
My point is, don't try to force a square peg into a round hole. Find out first of all what the client needs, and try to fill that need affordably.
Guaranteed life vs WL policy
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