Definitions for "convertible term insurance"
An insurance policy in which the insurer is required to renew the policy for...
Life insurance coverage that you purchase to cover you for a specific period of time that can, during or at the end of the term, be converted to permanent life insurance. The permanent life coverage is available to you regardless of your health.
is a type of policy that allows the policy owner to change a term insurance policy to a permanent policy without providing evidence of insurability. The premium rate for the permanent policy is normally based on the age of the insured at the time of the conversion.