2. Assume you are a financial planner. Mr. Biden is your customer. If Mr. Biden purchased renewable term life insurance eight years ago with convertibility option before the expiration of the term life policy. Now he finds that he is in poor health compared to peer group. Should he convert the term insurance to some sort of permanent insurance (e.g., whole life insurance)? If the policy allows the policyholder to convert term insurance with either the attained-age method or the retroactive conversion method. Which method is more appropriate for the policyholder? Please explain the reason.