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What is the difference between modified and graded life insurance?

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What is the difference between modified and graded life insurance?

The origin of the question is Insurance subject

I had been asked this question in exam.

Other related questions to my question are:-

What is the difference between modified and graded life insurance?

What is the difference between graded and modified premium?

What's the difference between level and graded life insurance?

What does graded mean on an insurance policy?

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Correct answer for this question is: Graded premium whole life policies are a bit different from modified whole life policies. With graded premiums, the premiums gradually increase each year for a few years, and then they stay the same. Modified whole life policies have just one increase.

The title of my answer can be What Is Graded Premium Whole Life Insurance (2022)

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