Since premium payments have suddenly stop, extended term is the option of the Non-forfeiture that the insurer will likely proceed with.
In assurance, the non-forfeiture clause states that the insured party will receive full benefits or partial refund of premiums after a lapse due to non-payment of premium as at when due.
The extended term is a option under non-forfeiture provision which uses the existing cash value to purchase term insurance on the life polic.
In conclusion, Since premium payments have suddenly stop, extended term is the option of the Non-forfeiture that the insurer will likely proceed with.
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