A 'modified premium whole life' policy is BEST described as:

Explanation

Modified premium whole life is a permanent life product designed to appeal to younger buyers who expect their income to grow. Premiums are set BELOW the standard whole life level for the first 3 to 5 years and then step up to a higher LEVEL premium for the remaining life of the contract. The overall actuarial cost is similar to standard whole life but the early-years affordability is improved. A premium payable whenever and in whatever amount the owner chooses, with mortality charges deducted from cash value in unpaid months, confuses this with universal life's flexible-premium feature. A premium that rises a fixed 5 percent every year and never levels off describes a graded-premium contract that increases continuously, which is uncommon for modified-premium whole life. And paying no death benefit at all until age 65 fabricates a deferred death benefit; the policy provides full coverage from day one. Always distinguish modified-premium WL (two-tier level) from graded-premium WL (yearly step-up) and from limited-pay WL (paid up in n years).