A whole life insurance policy in which premiums are reduced for an initial period (e.g.3 years)and are higher thereafter is an example of a

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A modified life policy is a type of whole life policy where the premiums are reduced for an initial period of time, usually 3-5 years, and then increase to a higher amount for the remainder of the policy. This allows the policyholder to have lower initial premiums, which can be helpful during a period of financial strain or when other expenses are high. After the initial period, the higher premiums ensure that the policy remains in force and that there is sufficient cash value accumulation to support the death benefit. This type of policy can be a good option for those who need coverage but have limited funds to pay for it initially.

A Whole Life Insurance Policy in Which Premiums Are Reduced