Which option is NOT a common life insurance nonforfeiture option?

The correct choice identifies an option that is not classified as a common nonforfeiture option in life insurance. Nonforfeiture options are designed to provide some value to policyholders when they stop paying premiums, and they specifically relate to the benefits that remain available to them after the policy lapses due to non-payment.

Reduced paid-up insurance allows the policyholder to stop paying premiums while retaining a reduced amount of insurance based on the cash value of the original policy. Extended term insurance enables the policyholder to convert the cash value of the policy into a term insurance policy for a specified period. The cash surrender value provides a policyholder with the option to terminate the policy and receive the accumulated cash value.

In contrast, a life income annuity involves converting the policy's proceeds into an annuity that pays out income for life, which is not a nonforfeiture option but rather a settlement option used to distribute benefits. Therefore, because it does not serve as a means for policyholders to retain some value after policy cancellation due to missed premiums, it is the response that is not a common nonforfeiture option.