Riscario

You can convert a term life insurance policy or rider to permanent insurance without evidence of insurability for the life insured.

• option ends at a specified age (e.g., 65) or date
• the premium for the permanent policy is based on the standard rates for age of the life insured at the time of conversion
  • called the "attained age" or "current age"
  • e.g., if the life insured is 40 year old nonsmoker when the term insurance is purchased and the conversion is in 16 years, the rates for a 56 year old nonsmoker apply for the permanent policy
• considered an extension of the original term policy, so the contestable period and suicide exclusion clause do not start again
• riders are terminated upon conversion