What does it mean to convert a life insurance policy?
A term-to-permanent life insurance conversion, or term-to-perm conversion, allows you to extend your life insurance coverage. You may have a 10-,15-, 20- or 30-year term life insurance contract now. Instead of letting it expire, you may be able to exchange it for a permanent policy without needing a new medical exam.
What is a conversion in insurance?
The ability, in some states, to switch your job-based coverage to an individual policy when you lose eligibility for job-based coverage. Family members not covered under a job-based policy may also be able to convert to an individual policy if they lose dependent status (for example, after a divorce).
What is convertible life insurance?
Convertible insurance is a type of life insurance that allows the policy owner to change a term policy into a whole or universal policy without going through the health qualification process again.