Convertible Term Life Insurance

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.

Types of life insurance

  • Single life insurance

    Life insurance to cover the life of one person. But what else is there to know?

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  • Joint life insurance

    A joint life insurance policy to cover two people (cohabiting, in a relationship etc).

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  • Level term life insurance

    A life insurance policy that pays out the same throughout the policy term.

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  • Decreasing term life insurance

    This cover decreases throughout the life of the policy, usually in line with a mortgage.

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  • Critical illness cover

    You don't just have to get cover for your life - consider what would happen if you were to become seriously ill.

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  • Life insurance with critical illness cover

    A combined insurance policy that pays out upon death or if you become very ill.

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  • Mortgage protection cover

    Not to be confused with mortgage PPI, this life insurance would help to pay a mortgage off.

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  • Mortgage protection cover with critical illness cover

    Similar to mortgage protection life insurance but also pays out if you develop a critical illness.

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  • Family income benefit cover

    Instead of a lump sum this would pay a fixed monthly amount to your family if you pass away.

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  • Convertible term life insurance

    A flexible type of life insurance; you can switch it to a different life insurance variation later in the term.

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  • Guaranteed life insurance

    No medical required and this type of policy is available to anyone and everyone, regardless of circumstances.

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  • Reviewable life insurance

    Every few years this policy can be "reviewed" to see if the level of cover that you have chosen is still appropriate.

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Still need to learn more about Life Insurance?

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