The correct answer is: B. Term policy is available both a separate policy and as a rider in another policy.
A term policy is a type of life insurance that provides coverage for a specific period of time, such as 10 or 20 years. The policy pays out a death benefit if the insured person dies during the term of the policy. Term policies are typically less expensive than whole life insurance policies, which provide coverage for the entire life of the insured person.
Term policies can be purchased as a stand-alone policy or as a rider on another type of insurance policy, such as a whole life policy. A rider is an additional benefit that is added to a policy for an additional premium. Term riders can provide additional death benefit, disability income, or other benefits.
Option A is incorrect because term policies can be converted into other types of policies, such as whole life policies, at the end of the term. Option C is incorrect because term policies are not always issued with lifelong renewability option. Option D is incorrect because not all term covers will have a disability rider.