What does "convertible term" insurance allow policyholders to do?

"Convertible term" insurance allows policyholders to switch to a whole life policy without the need to provide proof of insurability. This means that as long as the policyholder is within the conversion period specified in their term policy, they can transition to a permanent life insurance policy regardless of their current health status. This feature is particularly beneficial for individuals whose health may have declined since they first purchased the term policy, offering them access to long-term coverage even if they might struggle to secure new insurance due to health-related issues.

The ability to convert is an essential feature of many term life policies as it provides flexibility and peace of mind, ensuring that consumers can secure lifelong coverage as their needs change over time. This aspect of the policy makes it a valuable option for those who may initially want only temporary coverage but anticipate needing more permanent solutions later in life.