Convertible life insurance is a type of policy designed for those who initially opt for term life policies. Over time, convertible life insurance policies can be converted from term to permanent coverage. The conversion process is straightforward and doesn't require any additional medical examinations.
The primary advantage of this policy type lies in its flexibility. If the policyholder chooses, temporary coverage can be converted to lifelong coverage, extending well beyond the initial term policy's duration. Convertible life insurance may benefit those who anticipate that their financial needs or health status may change and want to ensure continuous protection.