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Convertible term assurance

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  Convertible term assurance is much like renewable term assurance in so much that it is level term but with a built in option to affect the plan in the future.

The difference with Convertible term assurance is it actually allows the life assured to convert the plan into a whole of life insurance plan. You can do this free of any health or medical underwriting as long as you make the conversion prior to the end date of the term contract.

Obviously due to the increased underwriting risk that the life insurance company has convertible term assurance is a little more expensive than level term and is generally only available to clients who pass reasonable level of underwriting criteria.

The main benefit to this type of plan is you get life insurance at near term assurance rates but with the guarantee that you can have a whole of life insurance contract in the future.

This would be for people who want whole of life insurance now but cant afford it right away meaning that when they can afford it, should their health change they will still be able to convert the plan into whole of life due to the conversion free of underwriting benefit within the plan.


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