Which of the following will reduce the death benefit?

Choosing long-term care as a benefit within a life insurance policy can reduce the death benefit because it provides necessary funds to cover care costs while the policyholder is still alive. When a portion of the death benefit is allocated for long-term care expenses, this directly decreases the amount available to beneficiaries upon the insured's death.

In contrast, accidental death benefits typically serve to increase the overall coverage and offer an additional payout if the insured passes away due to an accident. The waiver of premium allows the policyholder to maintain the policy without making premium payments if they become disabled, but this does not impact the death benefit directly. A conversion option allows a policyholder to convert a term life policy into a permanent one, which also does not inherently reduce the death benefit.

Thus, long-term care benefits are specifically designed to address living costs, which necessitates a reduction in the originally designated death benefit.