Convertible term assurance is a type of policy that allows you to convert to a whole of life policy at the end of its term, without providing new medical information.
It’s also known as a ‘conversion option’ as part of a term life insurance policy.
It gives you the flexibility to keep your life cover in place if your needs change in the future.
Key features of the conversion option:
- Allows you to convert to longer-term cover without new underwriting
- The sum assured (level of cover) remains the same but premiums will increase for the new cover
- Only available on level term life insurance policies
- Only available through some insurers, for example, Zurich
Choosing to have this option as part of your level term policy may increase your premiums.
Reassured, an award-winning and FCA regulated life insurance broker, explains convertible term assurance in more detail in this article.
Please note: Most policies don’t come with the conversion option, including those arranged through Reassured.
Policies without added options tend to be cheaper (but are less flexible).
If you’re looking for affordable life cover, then look no further as Reassured can help.
We compare life insurance quotes from the UK’s largest providers on your behalf, finding you the best possible deal.
Using our fee-free award-winning broker service, you can get quotes for:
- Term life insurance
- Decreasing term life insurance
- Whole of life insurance
- Over 50 insurance
- Family income benefit
Secure life cover through Reassured from as little as 20p-a-day.