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

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