Which statement is NOT a feature of Specialized Life Insurance?

• A. Adjustable life insurance (may switch between term and permanent; death benefit may be increased with proof of insurability)
• B. Joint life (first to die)
• C. Survivorship (last to die)
• D. A policy that cannot be converted between term and permanent

Answer: (D)

Specialized life insurance emphasizes flexible structures and plans designed for more than one life, rather than rigid, single-purpose coverage. A standout feature is adaptability. For example, adjustable life insurance lets you move between term and permanent coverage as needs change, and you can increase the death benefit if you provide proof of insurability. Multi-life designs are also common: joint life covers two people and pays on the first death, while survivorship covers two people but pays on the last death, often used in estate planning.

A policy that cannot be converted between term and permanent doesn’t fit this flexible approach. The ability to convert or adjust is a hallmark of specialized life products, so a non-convertible policy isn’t considered a feature of this category.