2pts Question 22 James purchased a $200,000 whole life insurance policy when he was 25 years old and had significant life insurance needs. Now James is 50. His mortgage is almost paid off and his children have left home and are financially independent. James no longer wants to pay premiums, but he does want to have permanent life insurance in force for the rest of his life. Which nonforfeiture option could James use to meet these objectives? Paid-up permanent insurance Joint and Survivor Income Extended term insurance O Cash value 2 pts Question 23 Withdrawals from a Modified Endowment Contract prior to age 59 % are taxed as follows: Ordinary income plus 10% penalty o Ordinary income only Capital gains Ordinary income plus 20% penalty MacBook Air * F2 20 DOO DOO F4 os . F5 F6 F $ % A & 2 pts Question 24 Alex, age 26. purchased a 20 pay whole life policy. After Alex has made 20 premium payments, his policy is considered: O Pald-up Whole Life Matured Whole Life O Modified Endowment Modified Whole Life MacBook Air gos QOD F4 F5 $ % 5 & 7 3 4 6 2 pts Question 25 All of the following are non-forfeiture options found in permanent life insurance policies except: Disability waiver of premium Cash value Paid-up permanent Life income options Question 26