Final answer:
Modified life insurance policy generally has the lowest initial premium out of the options listed. It's structured to start with lower premiums that increase over time, unlike Whole life, Variable life, and Ten-pay life policies.
Step-by-step explanation:
Among the life insurance policies listed, the one with the lowest initial premium is typically the Modified life insurance policy. Unlike the other types of policies mentioned, Modified life insurance is designed to have a premium that starts out lower and increases after a specified period.
This structure makes it easier for individuals to afford life insurance when they are younger and potentially earning less. In contrast, a Whole life policy, also known as cash-value life insurance, often has higher initial premiums but includes an investment component that builds cash value over time. A Variable life policy can have varying premiums due to its investment component, which can rise or fall with the market performance. The Ten-pay life policy is designed to be paid up after ten payments, usually leading to higher initial premiums, as the cost of the insurance is condensed into a shorter payment period.