If a term life insurance policy is convertible, it can be:
A) transferred to the life of another person in the future.
B) exchanged for cash in the future.
C) changed to health or disability protection.
D) changed to a comparable whole life policy in the future.
E) revised as needed by the insurer.

Question

Quizplus · Accepted Answer

If a term life insurance policy is convertible, it can be changed to a comparable whole life policy in the future. This means that the policyholder has the option to convert their term policy to a permanent whole life policy at a later date, without having to undergo a medical exam or prove insurability again. This can be a valuable option for those who want to ensure they have life insurance coverage for the rest of their lives, and not just for a set term.

If a Term Life Insurance Policy Is Convertible, It Can