Which of the following policies would BEST suit an individual who has just graduated from law school and wants to purchase a permanent policy to cover future needs?

The best choice for an individual who has just graduated from law school and wants to purchase a permanent policy to cover future needs is modified whole life insurance. This type of policy provides lifelong coverage, while also allowing for lower premium payments during the initial years of the policy. This can be particularly advantageous for a new graduate who may have limited financial resources in the beginning of their career.

Modified whole life insurance usually involves a lower premium during the initial period, which eventually increases to a higher level that will continue for the remainder of the policy. This structure can aid a recent graduate in balancing their early career expenses while still investing in a long-term insurance solution.

Universal life insurance may also appear suitable as a permanent policy option, but its flexibility in premium payments and cash value accumulation could lead to higher complexity and risks for someone just starting out in their financial journey. Similarly, term life insurance offers temporary coverage without the permanent benefits, making it less fitting for long-term needs. Simplified issue life insurance typically addresses a quick application process with often lower coverage amounts and is generally not regarded as a comprehensive solution for ongoing financial obligations in the long term.