A term life policy with conversion means you have temporary (term) life insurance and that policy offers the option of conversion to a permanent life insurance policy by a specific date listed in your policy - the time by which you must advise your insurance carrier you want to convert your policy to permanent coverage.
If you decide after buying your term life plan that you need your life insurance to last your entire lifetime, then you may want to convert your insurance to permanent coverage.
However, the premium you will be charged annually for the change in coverage will be much higher than you currently pay for your term life insurance because permanent coverage lasts your entire lifetime and it may build some cash value inside your policy over time.
Learn more about
term life insurance with conversion.
