( Insurance : Life insurance )
insurance1, insurance2, insurance3
Once the term of a convertible term insurance has expired, the policyholder has the choice to convert the plan to a different type
of contract which can be a further term plan, an endowment, or a whole of life contract.
A convertible term insurance can be converted to a permanent or whole life policy without evidence of insurability,
subject to time limitations.
A convertible term insurance is a life insurance policy which pays out if the policyholder dies within a specified
period of time, but also allows them to convert to another type of plan.
Collins English Dictionary. Copyright © HarperCollins Publishers