Modified life insurance

{
  "id": "MLC-T-INS-002215",
  "term": "Modified life insurance",
  "field": "Insurance and risk management",
  "definition": "A type of whole life insurance policy with a lower premium for an initial period, such as the first three to five years, after which the premium increases to a higher, fixed amount for the remainder of the policy's duration. This structure is designed for individuals who expect their income to rise. Unlike a graded premium policy where premiums increase annually, the modified life policy has only one scheduled premium increase.",
  "url": "https://mlchart.com/terminology/insurance/modified-life-insurance/"
}