Convertibility Option
Some term life insurance policies have the option to be converted into a permanent life insurance policy. This allows someone to afford a reasonable amount of cover for an affordable price by getting term life insurance at the onset. And later on, when he has the means to pay for it, he has the option of converting into a permanent life insurance policy. The advantage of a convertibility option is that conversion is guaranteed without the Insurer needing to show proof of insurability (i.e. undergo a medical exam, etc.).
Conversion is something you should consider since term life insurance is only for those who have temporary insurance needs. If you are on the lookout for permanent insurance that also provides cash value build ups, term life insurance can just be a stepping stone.
Anand Khemka
+91-9910936925
+91-8287041341
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