Converting a term life insurance policy is an option people who have convertible term life insurance may exercise to convert their existing term life insurance into a permanent life insurance policy.
Some people decide they need lifetime coverage after having purchased a term (temporary) life insurance policy.
The option to convert your term policy allows you to convert your temporary life insurance into a permanent life insurance plan.
You will not need to take a medical exam to prove insurability in order to convert your coverage to permanent life insurance.
However, your new premium for the permanent life insurance policy will likely be much higher than what you currently pay for your term life insurance coverage.
Learn more about what it
means to convert a term life insurance policy.
