Which of the following is NOT a non-forfeiture option?

Non-forfeiture options are provisions in life insurance policies that allow policyholders to maintain some level of benefits even if they stop paying premiums. These options ensure that the policyholder does not completely lose their insurance coverage and may receive certain benefits after they have decided to discontinue premium payments.

Extended term insurance allows a policyholder to convert their policy’s cash value into term insurance for a specific period. Reduced paid-up insurance converts the policy's cash value into a paid-up whole life policy with a reduced death benefit, allowing the policyholder to retain some form of coverage without needing to pay further premiums. Cash value, as a non-forfeiture option, lets policyholders take a lump sum from the accumulated cash value of the policy.

Permanent life insurance, on the other hand, is not a non-forfeiture option; rather, it is a type of life insurance that provides coverage for the entire lifetime of the insured as long as premiums are paid. It encompasses policies like whole life and universal life insurance that build cash value over time. Thus, while it represents a category of insurance contracts that may include non-forfeiture options, it is not itself a specific option that a policyholder can select in the context of non-forfeiture benefits.