Convertible Term Life
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Term life that can be converted to permanent coverage.
Definition
Convertible term life insurance allows you to convert your term policy to a permanent (whole or universal life) policy without a medical exam. This option is valuable if your health declines during the term. There's usually a deadline for conversion.
Example
After being diagnosed with diabetes, Jennifer converted her term policy to whole life without needing a new medical exam.
More Life Insurance Terms
Coverage for a specific period with no cash value.
Permanent coverage with guaranteed cash value.
Flexible permanent coverage with adjustable premiums.
The amount paid to beneficiaries when the insured dies.
The person who receives the insurance payout.
The savings component of permanent life insurance.
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