What is convertible term life insurance?
Convertible term life insurance is similar to term insurance - the main difference is that, with convertible term life insurance, you have the option to convert the policy into a new policy for a longer term.
Convertible term insurance is like term insurance but with an additional benefit. The policyholder has a 'conversion option' which means they can convert the cover under the policy into a new policy, running for a longer period of time, without the insured person having to undergo a medical examination or supply evidence of good health at the time of the conversion.
The cost of this cover will depend on a number of factors such as the level of cover required and the age and life expectancy of the policyholder at the time of the conversion.