Convertible term life insurance offers insurance cover which will be paid if the person insured were to die and this amount will be paid within a fixed period of time. Convertible Term Life Insurance also comes with an option – you can 'convert' it which means you can change it around just in case the circumstances change. This means you have the option of changing it mid-stream to a whole of life assurance which ensures life assurance for the nominated person for the rest of their life or you can convert it to an endowment assurance policy which pays out a certain amount of cash when the term of the policy ends.
During the term of this policy, you can convert just a part of it or the whole but there are certain limits on the time frame. What is also great is that you do not need any health checks at this point. If you choose the same amount as the level of cover, then your premiums payable will also stay the same and you cannot stop the premiums at any time or your policy will lapse.