Life · Chapter 4 · Term Life

Convertible Term

Definition

Owner may convert to permanent (whole life) without evidence of insurability. Must be in the contract at purchase.

Exam tip

Attained-age conversion (default) = higher premium going forward. Original-age = lower premium but a large lump-sum back-payment.

Easy to confuse with

These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.