Which policy typically features premium increases over the first five or ten years?

The correct answer is Graded Premium Whole Life. This type of policy is specifically designed to have a gradually increasing premium structure over a defined period, typically the first five to ten years of the policy.

In a Graded Premium Whole Life policy, premiums are initially lower than those of a standard whole life policy, making the coverage more accessible for the insured. As the policyholder continues to pay premiums, the cost increases incrementally until it levels off, resulting in a higher premium that remains constant for the remainder of the policy's life. This design is beneficial to policyholders who may have limited financial resources initially but expect their financial situation to improve over time.

In contrast, Standard Whole Life and Fixed Premium Whole Life policies typically feature consistent premium payments that do not increase throughout the life of the policy. Term Life insurance generally involves premiums that are fixed for the duration of the term but will not increase until the term renews or converts, depending on the policy terms. Therefore, these options do not have the same structure of gradual premium increases that are characteristic of Graded Premium Whole Life.