After the extended term life nonforfeiture option is chosen, the available insurance will be:

Selecting the extended term life nonforfeiture option means that the policyholder is opting to use the cash value of their whole life insurance policy to purchase a term insurance policy for a specific period. This option essentially allows the insured to maintain coverage without needing to pay additional premiums by utilizing the accumulated cash value that has been built in the whole life policy.

In this case, the available insurance after choosing the extended term option is indeed term insurance for a stated period of time. The term insurance obtained under this option is equal in value to the amount of coverage that was in place before the policy lapsed, but it is limited to a specific duration determined by the amount of cash value available. This highlights how the nonforfeiture option provides the policyholder with a way to keep insurance coverage in force even when premium payments cannot be continued.

Other types of insurance, such as whole life or universal life, are not applicable in this context because the extended term nonforfeiture option specifically transposes the policy into a term format, rather than maintaining a whole life or adapting to a universal life structure. The focus on term insurance underscores the temporary nature of the protection offered, consistent with the mechanics of the nonforfeiture provision.