> a) [Policy holders] [ [can] [often redeem whole life policies early] [or] [use the policies as collateral for loans] ].
b) [Policy holders] [can [ [often redeem whole life policies early] [or] [use the policies as collateral for loans] ].
c) [Policy holders] [ [ can often redeem whole life policies early] or [ (can) use the policies as collateral for loans ] ].