What is convertible term life insurance?
A convertible term life insurance is a type of term life insurance that can be converted to permanent life insurance without undergoing medical examination.
The policy conversion could be age limited whereby, when a policyholder reaches a certain age for instance 60 years, could not be allowed to convert it again.
Convertible term is more expensive than level term insurance because of conversion option.
Advantages of convertible term
Convertible term gives you an option to convert your policy to permanent life without undergoing medical test or re-qualification process.
Convertible term vs. renewable term
A convertible term is a policy that allows you to convert your policy without qualification process while a renewable term is a policy that allows you to renew the policy within a specified period without re-qualifications.
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