Almost all modified reserves are intended to accumulate lower reserves in early policy years than they would under the net level premium method. (en.wikipedia.org)
These policies typically have fees during early policy years should the policyholder cash it in. (en.wikipedia.org)
For this reason, the policies are dramatically overpriced and some companies included a death benefit payout ceiling in the early policy year called a graded death benefit option. (termland.com)