Convertible Term Assurance
Convertible cover: under this plan the sum assured remains the same for the duration of the contract. An extra payment is made to allow the policyholder an option to convert the original policy (or part of it) to another type of policy - increasing term assurance, whole of life or endowment - without further medical evidence being required.
Convertible term assurance is designed for people that really want whole of life insurance but just cannot afford the higher monthly premiums at this time.
Much the same as renewable term assurance it gives you the benefit in the future regardless of your sate of health therefore locking your health situation at application stage.
If you take out Convertible term assurance it allows you at any time during the term of the plan to, as the name suggest, convert it into a whole of life insurance plan regardless of your state of health.
You just pay the premium to the whole of life insurance that would be due subject to a healthy person at the age you make the conversion.
Like all types of life insurance you can also have additional benefits such as critical illness and waiver of premium benefit.
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