Sam has a $200,000 convertible life insurance policy. If he chooses, he can:
3)onvert to another term policy with a lower face amount without proof of insurability.
2) Convert to a whole life policy for the same face amount without proof of insurability.
3) Purchase an individual annuity for any face amount using the 1035 exchange privilege.
4) Purchase another term policy and increase his death benefit without proof of insurability.