1 Donald, 48 years old, has been diagnosed with a terminal illness and his life expectancy is two to three years. He has a $300,000 non-participating whole life insurance policy with a $100,000 CSV and $1200 in annual premiums. With the little time he has left, he would like to use all the money he has at his disposition to spend on himself and his loved ones to create long-lasting memories. If possible, he would like his insurance coverage to remain at $300,000 to leave a legacy for his children. Which option would be the best fit in this situation?
a. Automatic premium loan
b. Premium reduction
c. Extended term insurance
d. Limited payment whole life