Very low starting premiums that rise each year for a period describes:

The description of very low starting premiums that rise each year for a period aligns with the characteristics of graded premium whole life insurance. This type of policy is designed to initially attract policyholders with very affordable premiums that are set to increase gradually over a specified number of years. After this initial period, the premiums stabilize and typically remain level for the remainder of the policy’s life.

Graded premium whole life policies are structured this way to make life insurance more accessible to individuals who might have budget constraints initially but expect their financial situations to improve over time. This feature makes it appealing for younger buyers or those just starting their careers and looking for options that adjust as their income grows.

On the other hand, modified whole life policies also involve initial lower premiums, but they typically have a distinct phase with a fixed increase after a few years rather than a gradual rise, making them less aligned with the description provided. Universal life insurance offers flexible premiums and death benefits but does not specifically feature a rising premium structure. An endowment policy focuses on a set time frame for maturity or death benefit payout rather than a gradual increase in premium payments. Hence, graded premium whole life is the best fit for the characteristics specified in the question.