Chances are if you’ve been surfing the web looking at insurance quotes, you’ve come across the phrase “convertible” when referring to term life insurance policies. This has nothing to do with a convertible vehicle, what it is referring to is a provision within the policy that allows converting your term insurance into a permanent insurance.

This provision in the contract gives you the right to convert the policy to permanent protection without evidence of insurability. Not having to provide any evidence of good health can prove to be very important to you, should you fall victim to diabetes or cancer.

For example, if you were to purchase a 10 year policy plan and on your 8th year you developed prostrate or breast cancer, you would not be able to switch over to a permanent plan at a good premium if it weren’t for this provision. This is a very important provision to look out for whenever you purchase a policy and in fact, is something that’s generally omitted from low price policies that gain your fancy by the appeal of low premium.

This along with a renewable provision, which allows you to renew your policy prior to its expiration date without evidence of insurability, is very important to be aware of as well. Many low price term policies also do not include this provision.

Its always best practice when making a decision to protect your family to make sure your comparing oranges to oranges and not oranges to apples. Compare the small details between each company offer and use a web tool that allows you to compare the details so that you know you’re getting what you’re looking for.

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