Which life insurance feature allows an insured to exchange a term policy for a cash value policy?

The incontestability clause ensures that after a set period, typically two years, an insurer cannot contest or deny a claim based on misrepresentation or errors in the application. While it provides important protections for policyholders, it does not relate to the ability to exchange or convert policies.

Reentry refers to the process by which a term life insurance policy can be renewed at the end of its term, often with the requirement of evidence of insurability. This feature does not allow for the conversion of a term policy into a cash value policy; rather, it facilitates the continuation of coverage under similar terms without necessarily changing the policy type.

Renewability allows the insured to extend the coverage of a term policy for additional periods without undergoing a medical exam. While it ensures continued protection, it does not allow for the transition from a term policy to a cash value policy, which is the primary focus of the question.