Convertible term insurance offers temporary coverage with a valuable extra feature. It starts like regular term insurance, protecting you for a set period (like 10, 20, or 30 years). If you pass away during the term, your loved ones receive the payout from your policy. If you outlive your term, the coverage simply ends.
But here’s the key difference: You can convert your term policy to permanent lifetime coverage without another medical exam (up to a certain age). This is a big deal! It guarantees you can get protection even if your health changes in the future.
Think of a convertible term policy as insurance with a built-in safety net. It’s a smart way to ensure your loved ones are always protected, no matter what life throws your way.