Which of the following could be considered a non-forfeiture option?

Non-forfeiture options are provisions in life insurance policies that allow the policyholder to reclaim some value from the policy in the event it lapses due to non-payment of premiums. These options ensure that the insured does not completely lose the value of their investment in the policy if they cannot continue to pay premiums.

Cashing out a policy is a direct way that a policyholder can access the cash value they have accumulated in their permanent policy. This typically results in the termination of coverage, but the policyholder receives a lump sum.

Reducing the death benefit is another form of a non-forfeiture option. In this scenario, the insured can choose to keep the policy active but at a lower death benefit, thus allowing for continued coverage under different terms.

Extending term coverage involves using the cash value or accumulated benefits of the policy to purchase term insurance for a duration. This option maintains the insured's coverage but shifts the nature of it.

All of these choices represent viable non-forfeiture options that allow policyholders to retain some benefits or coverage from their insurance policies when they face financial difficulties. Each approach allows the policyholder to make a choice that best suits their needs, retaining value from the policy rather than forfeiting it entirely. Thus, the