Which of the following is an example of a policyholder change in beneficiary options?

Adding an additional beneficiary is indeed an example of a policyholder change in beneficiary options. When a policyholder decides to include another person as a beneficiary, they are modifying the terms of the policy to ensure that multiple individuals can receive benefits upon the insured's death. This change may reflect the policyholder's evolving personal circumstances, such as marriage, the birth of a child, or a desire to provide for more family members.

In contrast, changing the policy type from whole life to term involves altering the fundamental nature of the life insurance contract, rather than just adjusting the beneficiary designation. Similarly, changing the insurer providing the policy constitutes switching the entire insurance contract to a different company, which goes beyond just modifying beneficiary details. Increasing the policy's cash value pertains to the financial aspects of the policy and does not involve the beneficiary structure at all. Thus, adding an additional beneficiary remains strictly focused on the beneficiaries entitled to the death benefit, making it the correct answer in this context.