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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in classic literature ?
And now, young woman," still keeping a jealous eye on the muskets which the girl had suffered to be diverted a little from their aim,--"and now, young woman, for the last, and therefore the most solemn asking: I demand of thee the surrender of this rock, without delay or resistance, in the joint names of power, of justice, and of the--" law he would have added; but recollecting that this ominous word would again provoke the hostility of the squatter's children, he succeeded in swallowing it in good season, and concluded with the less dangerous and more convertible term of "reason."
A renewable and convertible term plan for five or 10 years, Set for Tomorrow Short Term Cover variant is designed to take care of your financial obligations when something unforeseen or unexpected happens.
Starting with a convertible term is usually a good option in most cases, but it's important to make sure you are buying the right policy for the right reasons.
Elevate will use approximately USD 15m of the net proceeds to repay a portion of the outstanding amount under its convertible term notes, approximately USD 65m of the net proceeds to repay a portion of the outstanding amount under its financing agreement and the remainder, if any, for general corporate purposes, including to fund a portion of the loans made to its customers.
The conversion feature of renewable and convertible term allows policyholders to enjoy higher death protection than they could otherwise afford and later allows them to lock-in their premiums and build cash values when their ability to pay premiums increases.
So the December 2015 announcement by Prudential Financial that it was rolling out new 10- and 15-year individual convertible term life products for people living with HIV was certain to get the industry's (and the public's) attention.
insurer to underwrite standard convertible term life policies for HIV-positive adults who meet various health criteria.
The facility provides for a USD3m revolving line of credit maturing in 2016 and an additional USD2m convertible term loan.
A convertible term policy issued on a key man is still marketable.
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.
Unveiled this spring, Pruco Life Insurance Company's WorkLife 65 convertible term life product is a new kind oflife policy.