In case you want to convert term life to permanent insurance. The maximum term policy is valid for 30 years at a level premium.
Permanent life insurance, such as whole life or universal life, provides coverage for your entire life, so your beneficiary receives a benefit no matter when you die.
This rider lets you convert term life insurance into permanent life insurance without undergoing a medical exam. Fiore says it’s especially attractive to young people starting careers and families who need life insurance but don’t have enough money yet to secure all the coverage with permanent life insurance, which has higher premiums than term life.
There will be a deadline for when you must convert if you want to change the term policy to permanent life insurance without providing health information but the premium will change according to your health. Do expect to pay much higher premiums during conversion.
A policy benefit that allows policyholders to convert a term life policy to a permanent life policy at or near the end of the term policy’s life. Term Insurance is designed for a specific period of time after which a policyholder has to either buy a new policy or has to convert the policy into permanent policy.
A term conversion rider is that your term insurance policy is converted into a permanent life insurance policy (e.g. A whole life or universal life policy). This option means that if you decide you want permanent life insurance you can convert regardless of your health as long as you convert before the deadline listed on your policy.
If you are converting your term insurance to permanent before the deadline of the policy then you can decide when and how much of the coverage to convert. Each life insurance carrier has their own restrictions regarding when you can convert. Once you convert the policy to permanent then you can get the cash value benefit as well. The main important factor is that the life insurance coverage from then would be for your entire life.

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