Convertible life insurance offers greater flexibility than standard term life insurance products. Convertible life insurance allows you the option to convert your policy into a whole life or endowment policy if you outlive the original life insurance term. With a convertible life insurance plan, new medical checks are not required when converting your policy, which means the whole life policy will be based on your state of health when you purchased the original policy.
Higher premiums may be payable upon converting your convertible life insurance policy to a whole life or endowment policy, however, you are guaranteed to die within the whole life term, and so will certainly see a return on investment in the form of a payout for your dependents. Also, as whole life insurance policies generally also carry a cash in value, you may be able to withdraw funds during your lifetime. A common alternative to convertible life insurance is renewable life insurance.
To discover more about convertible life insurance products, complete the form on this page. Speaking to an independent advisor will allow you to discuss convertible life insurance options with regards to your personal circumstances; it’s fast, free, and there’s no obligation.