Life Insurance Guide | Insurance Help Product Information | Convertible Term Assurance

Convertible term assurance is a level term assurance with an option which enables the assured to convert it, at any time during its existence, to a whole life or endowment assurance without further evidence of health.

The premium for the new policy will be that normally applicable to a whole life or endowment assurance policy for a person of the policyholder’s age, at the time of conversion.

The premiums charged for convertible term assurance will be slightly higher than for ordinary level term assurance, to allow for the cost of the conversion option.