Convertible Term Insurance Policy

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Convertible Term Insurance Policy A term life insurance policy that can be converted into permanent life insurance without a medical assessment. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions. Convertible term insurance lets you “trade in” a temporary policy for a permanent one. Converting can make sense if you want the benefits permanent life insurance offers. Converting part of your policy can help you meet your goals and manage your budget. One of the primary benefits of convertible term life insurance is that it can help keep your options open. While a term life policy may be the right fit for you today, years later you may want to switch to permanent life insurance coverage. But your future state of health may prevent this switch. Therefore getting a convertible term life insurance at the initial stage is better. Most convertible policies have a time limit to convert, usually 10 years. Often, when the conversion option is close to expiring, life insurance companies let policyholders know that time is running out to execute this option. The conversion can happen as long as the conditions of the policy have been maintained and payments of premium is made on time and regularly. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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