Vincent Yeong was working as architectural draughtsman, now a music teacher. Hobbies - play guitar, saxophone, piano, reading, sports, travel. Blog - http://www.vincentyeong.com
Convertible term insurance is a type of term life insurance, it is also called guaranteed renewable or conversion privilege or guaranteed insurability. The policyholder is allowed to convert the policy to other type of permanent life insurance without any penalty or evidence of insurability.
The policyholder may convert this policy to a whole life or endowment life insurance with a higher premium, and he can do the conversion at any time he wishes and the new premium will base on the age at the time of the conversion. Because this policy provides the policyholder with this service, therefore it derived the name convertible.
This policy is often initially purchased when the insured is young, and at this stage a convertible term insurance may provide sufficient coverage to meet simple needs. At older age this form of policy may not be sufficient so the insured can upgrade his policy to permanent life insurance, because this policy has accrued cash value to enable him to have saving, so that he can plan a long-term protection to his family.
The premium of this policy is affordable, the procedure of conversion is simple, no underwriting is necessary, medical examination is not required.
In general, convertible life insurance is understood to be an example of guaranteed renewable insurance coverage, as long as the premiums are paid on time, the policy will remain in force and the option of conversion will remain possible. However, the policy can remain as a term policy, converting a term policy to a permanent insurance is not mandatory.
Find out more about this policy and get a free quote, do not buy without knowing the product or because it is convenient that you can convert it in future.
Term life insurance is a low cost life insurance, you can log on to term life insurance to find out more, please visit us at http://www.indianapolislifeinsurance.net/index.html
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