Which option provides immediate protection against policy lapse due to non-payment of premiums?

The option that provides immediate protection against policy lapse due to non-payment of premiums is the automatic premium loan provision. This provision allows the insurer to automatically take a loan against the cash value of the policy to cover a missed premium payment. As a result, the policyholder does not lose coverage immediately due to non-payment. The loan is usually charged interest, but it ensures that the policy remains in force until the policyholder is able to pay the premium or the cash value is exhausted.

In contrast, the reinstatement option refers to the process of restoring a lapsed policy, which typically requires the policyholder to pay back owed premiums or medical underwriting and isn’t an immediate solution. The waiver of premium option provides for the premiums to be waived under certain conditions, such as disability but doesn't prevent lapse due to non-payment in all circumstances. Lastly, the coverage reinstatement option also involves a process after lapse rather than providing immediate protection against it. The automatic premium loan provision effectively acts as a safeguard, minimizing the risk of the policy lapsing right away.