Question 28 (2 points) Noah is the insured under a nonparticipating whole life insurance policy with a face value of $100,000, a cash value of $30,000, and an annual premium of $900. Noah originally purchased the policy 15 years ago, but has decided now that he no longer needs the death protection and therefore will surrender the policy for its full $30,000 cash value. How much of that amount, if any, will be subject to taxation in the year that the policy is surrendered? (Round your answer to the nearest dollar Do NOT include a dollar sign or a comma in your answer.) You have decided that you need some life insurance protection. You prefer permanent protection but, at your current income level, you find the premiums for permanent policies to be too high. You could wait until your income is higher to buy the coverage you want, but you need coverage now and are also afraid that if you wait you may develop health issues that would make you uninsurable. In this situation, the best option for you is to buy which of the following types of coverage? revertible (reentry) term insurance straight term insurance convertible term insurance renewable term insurance