Final answer:
The policyholder has the right to convert the existing term coverage to permanent insurance.
Step-by-step explanation:
The policyholder has the right to convert the existing term coverage to permanent insurance.
Term insurance provides coverage for a specific period of time, while permanent insurance offers coverage for the policyholder's entire life. If the policyholder decides they want to convert their term coverage to permanent insurance, they can do so by contacting their insurance company and requesting the conversion. The insurance company will provide them with the necessary information and options for converting their policy.