Which of the following statements about whole life policies is false?

The statement that the policy can be converted into a term life insurance plan at any time is inaccurate. Whole life insurance policies are designed to provide coverage for the insured's entire lifetime and do not typically carry a conversion feature that allows them to be changed into a term life policy. Instead, term life insurance is a separate type of policy that is specifically issued for a predetermined period, and any conversion options would usually be associated with term policies transitioning into whole life policies, rather than the reverse.

The other statements about whole life policies highlight important characteristics that are true. Premiums do remain level as the insured ages, meaning they do not increase despite the rising age of the policyholder. Additionally, endowment typically occurs at age 100, where the policy matures and the cash value is paid out to the policyholder. Finally, both the death benefit and cash value accumulation are guaranteed, providing a sense of security to policyholders about the funds that they will either receive during their lifetime or their beneficiaries will receive upon the insured’s death.