Convertible term insurance
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UPDATED: Aug 14, 2020
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A term life policy that gives the policyowner the option of exchanging the term life insurance policy for another plan of insurance without providing evidence of insurability (e.g., a current medical report and exam and underwriting). Typically, term life insurance can not be continued at older ages (often 70 to 75) and thus without a provision authorizing the right of conversion, people who are older and ill or have significant negative risk factors can not continue their insurance unless they can convert to a whole life or other type of policy form.