Lower initial premiums that jump once then remain level describes:

The description of lower initial premiums that jump once and then remain level is characteristic of Modified Whole Life insurance. This type of policy allows the policyholder to pay lower premiums during the initial years, which can help make coverage more affordable at the outset. After this initial period, the premiums increase to a higher level that remains consistent for the duration of the policy.

Modified Whole Life is designed to attract individuals who may not be able to afford the higher premiums of a traditional whole life policy but still desire permanent life insurance coverage. The structured increase represents a more gradual approach to premium costs, allowing budgetary flexibility in the early years of coverage.

In contrast, Graded Premium Whole Life typically features premiums that increase steadily over several years rather than jumping at one point, while Adjustable Life allows the policyholder to change premiums and death benefits as needed. Term Life, on the other hand, is purely for a specified period and does not mature into a cash value policy like the other options. Thus, Modified Whole Life is the most accurate answer for the described premium structure.