Convertible Term Life Insurance | Zurich Ireland

Convertible Term Life Insurance

Convertible term life insurance is like term life insurance but with an additional benefit to the policyholder who has the option to convert the policy into a new policy for a longer term. 

How it works

With convertible term life insurance, you have a conversion option available to you at any time during the term of the policy. This enables you to covert the cover under the policy into a new policy running for a longer period of time without having to undergo a medical examination or supply evidence of good health at the time of the conversion.

What's covered?

A number of things are taken into account when calculating the premium you will have to pay if availing of a conversion option. These include: the level of cover you want on the new policy, your age and life expectancy at the time of conversion, and the premium rates for new policies of a similar type.

The cost

Convertible term life insurance costs more than term life insurance because of the extra benefit it provides. The main reason for the additional cost is the fact that you can convert the cover in the future into a new policy for a longer term without having to provide evidence in relation to your health. If you don’t exercise the conversion option, the life cover will cease at the end of the term, like it would with term life insurance.

Get advice

When making a decision about the type of cover that is right for you, expert advice is invaluable, so it’s a good idea to seek guidance from a financial advisor. A financial advisor can guide you through the process and help you select the right cover for your circumstances. You can find a financial advisor near you with the Zurich Advisor Finder. Alternatively, our Financial Planning Team can provide you with more information about Zurich's insurance options.

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