A whole life insurance policy in which premiums are reduced for an initial period (e. g. 3 years) and are higher thereafter is an example of a

This is an example of modified life policy. In modified life cycle, the premium differs at different stages of life. In the initial period, the person is fit and healthy and hence the premiums are low while at the later stage, a person develops various kinds of diseases and hence accordingly the premiums are increased at a later stage to compensate for that.