No this is not life insurance for a convertible car. But
like a convertible car it is life insurance that can turn
into something slightly different to what it was.
Convertible term assurance is designed for people that
really want whole of life insurance but just cannot afford
the higher monthly premiums at this time.
Much the same as renewable term assurance it gives you the
benefit in the future regardless of your sate of health
therefore locking your health situation at application
stage.
If you take out Convertible term assurance it allows you at
any time during the term of the plan to, as the name
suggest, convert it into a whole of life insurance plan
regardless of your state of health.
You just pay the premium to the whole of life insurance that
would be due a healthy person at the age you make the
conversion.
Like all types of life insurance you can also have
additional benefits such as Critical illness and waiver of
premium benefit. |
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