What is Convertible Term Life Insurance?
Convertible Term Life Insurance is a type of term life policy that includes a feature allowing the policyholder to convert it into a permanent life insurance policy, such as whole or universal life insurance. This conversion can be done without requiring a medical exam, which makes it a valuable option for those who may experience health changes but still wish to secure lifetime coverage.
This type of insurance provides flexibility for policyholders who may want temporary coverage initially but foresee a need for permanent coverage in the future. Converting a term policy to a permanent one allows individuals to maintain their insurance coverage as their needs and circumstances evolve.