A modified whole life policy is best described as a policy in which:

Why A is correct

A modified whole life policy charges lower premiums during the first few years, typically three to five, and higher premiums thereafter than an ordinary whole life policy of the same face amount. The structure makes permanent coverage affordable for younger policyowners who expect higher earnings later in their careers. After the modified period ends, the premiums level off at the higher amount and the policy behaves like a standard whole life contract. The reduced early premiums are offset by the higher later premiums, so the policy remains actuarially sound.

Why the other options are wrong

• The premium pattern is reversed: modified whole life begins with lower premiums and increases later, which allows early-year affordability for the policyowner. This answer describes a different situation from the one in the question and is therefore incorrect under the facts given here.
• Death benefits that increase based on age describe annually increasing term insurance, not whole life. Modified whole life keeps the face amount level. This choice does not fit the arrangement described in the question, so it is clearly not the right option to choose.
• A level premium with a decreasing benefit describes a form of decreasing term insurance, not a modified whole life policy. Accordingly, this option is not correct because it does not match the specific rule or product that is described in the question.

Memory hook

Modified life is cheap at first and normal later, like a budget bridge.