What scenario might lead Michael, who has a whole life policy, to consider non-forfeiture options?

In the context of whole life insurance, non-forfeiture options are provisions that protect policyholders when they decide to stop paying premiums. These options allow individuals to receive some value from their policy instead of losing all of it. In Michael's case, if he is questioning the need for the policy because his children are financially independent, this could prompt him to explore non-forfeiture options.

By considering these options, he can convert the cash value of his policy into a paid-up policy with a reduced death benefit, or even receive a cash surrender value. This allows him to realize the policy’s value rather than simply terminating it and receiving nothing. It acknowledges a change in his personal circumstances and priorities regarding the need for the coverage that whole life insurance provides.

The other scenarios do not naturally lead to considering non-forfeiture options. Seeking to increase the coverage amount would typically require additional underwriting and premium payments rather than considering non-forfeiture options. Desiring greater investment returns might conflict with the nature of whole life policies, which provide stable but often lower returns compared to other investment vehicles. Lastly, if the policy has lapsed, the non-forfeiture options would no longer be available since the policyholder would have forfeited their benefits by not