Convertible Term Insurance Plan: How To Convert Regular Term Policy

Outlook Money

Convertible Term Insurance

Convertible term insurance plans offer the option to convert a regular term policy into whole-life insurance. This does not require additional medical underwriting.

Convertible term insurance

Keep This In Mind Before Buying The Plan

Before buying a convertible term plan, people should keep in mind the long-term needs of their family such as children's education, buying a house, or life after retirement.

Buying The Plan

Conversion Options

Insurance companies have different terms and conditions for converting term plans, therefore, one should carefully review the conversion options for flexibility. They must understand the current and future costs.

Conversion Options

Medical Test

The life insurance companies may also ask for a medical test as a part of the risk assessment before approving the convertible term plan.

Medical Test

Premium

The premium for a convertible term plan is determined based on the age of the insured at entry, sum assured, policy tenure and underlying health condition.

Health

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