What action does NOT constitute life insurance policy replacement?

Converting term coverage to a whole life policy does not constitute life insurance policy replacement because it involves a change within the same insurance company and is a continuation of existing coverage rather than a new policy. Replacement typically refers to the practice of terminating or altering an existing insurance policy to purchase a new one, which implies that there is a transfer of coverage and possibly surrendering benefits associated with the original policy. Conversion from term to whole life is a common feature within life insurance contracts, allowing policyholders to retain coverage as they transition from one type to another without losing the benefits of their initial policy.

In contrast, changing the beneficiary, purchasing a new policy, or switching insurers all involve actions that could be considered as replacing or adversely affecting an existing life insurance policy. Changing the beneficiary simply modifies who will receive the benefits upon the insured's death but does not impact the policy itself. Purchasing a new policy means replacing the existing coverage, while switching insurers involves purchasing a new policy with a different company, thereby requiring the old policy to be replaced or potentially canceled.