Convertible term

Convertible Term

A term life insurance policy that the policyholder may convert into a whole life insurance policy without a health exam. A whole life insurance policy carries more risk for the insurance company, especially if there is no health exam to help determine the premium. As a result, convertible term policies have higher premiums at the outset than other term life policies.

Convertible term.

A convertible term life insurance policy can be converted into a permanent life policy at some point in the future without requiring you to pass a health screening exam.

A convertible term policy is generally more expensive than a regular term policy from the same insurance provider.

Like other term insurance policies, a convertible term policy remains in force for a specific period of time, or term, and can usually be renewed for an additional term, though the premiums typically increase with each renewal.

References in classic literature ?
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Convertible Term Insurance may be converted into permanent cover when your original policy's term comes to an end, usually by buying whole of life insurance or an endowment policy.
The Company repaid $2 million in cash on the secured non-convertible term note and converted $1 million of outstanding debt into equity under the secured convertible term note.
5 million Secured Convertible Term Noteholders, to waive cash quarterly interest payments through March 31, 2008.
5 million initial public offering of ordinary shares on the Alternative Investment Market of the London Stock Exchange, NGPC converted its Senior Subordinated Secured Convertible Term Loan into ordinary shares of Resaca and sold 1.
35 million in three separate convertible term notes.
a national leader in the life settlement marketplace, announced they are now able to sell convertible Term Policies on clients over the age of 56.
The financing package is comprised of a $750,000 convertible term note and a $2,750,000 revolving credit line, all secured by the Company's assets.
Concurrently with the execution of the Securities Purchase Agreement, IHHI and its subsidiaries entered into an Early Loan Payoff Agreement with Medical Provider Financial Corporation III, which holds a $10,700,000 convertible term note issued by IHHI on October 9, 2007.
Milestone will consider UL, Term and Convertible Term life policies from all major US carriers on individuals 70 years old and older.
The proceeds invested in the Company from the sale of a fixed price, interest-bearing, convertible term note, will be used to pay down existing debt, purchase raw materials, structure an interest escrow account for service of the note, and to provide overall general working capital.
0 million of outstanding debt into equity under the secured convertible term note.