How can an insured alter their whole life policy without lapsing it?

Choosing to utilize nonforfeiture options is a valid way for an insured to alter their whole life policy without causing it to lapse. Nonforfeiture options allow policyholders to access the value accumulated in their whole life insurance policy without losing coverage. These options may include cash surrender value, reduced paid-up insurance, or extended term insurance. By selecting one of these options, the insured can modify their policy benefits or access funds while maintaining some level of insurance protection.

Other choices, while they may offer adjustments to the policy, either do not effectively preserve the insurance itself or involve additional complexities that could lead to lapsing if not managed correctly. For example, paying extra premiums might enhance the policy's value but does not fundamentally change the structure of the whole life policy. Converting to term insurance could also lead to lapsing if the conversion is not handled correctly, as it involves transitioning to a different type of coverage altogether. Purchasing additional riders modifies the policy but may involve additional costs or requirements that could still risk lapsing if not properly adhered to. Hence, opting for nonforfeiture options is the most effective and secure method to alter a whole life policy without the risk of it lapsing.