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Convertible term life insurance

If you haven’t got life cover yet and have financial dependents, now is the time to start thinking about how they would cope financially if you passed away. Life assurance isn’t the kind of product you really want to think about using, but knowing a lump sum benefit would be there to help your loved ones get by if you died is reassuring –especially in these difficult economic times.

There are several different types of term life insurance available to suit different circumstances, with the common theme that they pay out a lump sum if the insured dies within a pre-set period (the ‘term’). Convertible term life assurance is similar, but has some additional flexibility built in.

What is convertible term life insurance?

Whilst the principal of term assurance is that it provides cover for a set period which then expires if no claim has been made, convertible term life cover allows the insured person to convert the policy to a more permanent form of life cover once the initial term expires. It’s attractive to many who can’t initially afford a whole of life policy, but want term life cover with the option to convert to a more permanent solution when finances allow.

Why buy convertible term life assurance?

There are several advantages to a convertible term life policy:-

  • For many it’s more affordable to buy term cover at a young age, than going for a whole of life policy from the outset. Convertible term life policies allow people to buy affordable term life cover that can be converted to a more permanent long-term life insurance solution, such as whole of life cover (e.g. guaranteed premium life insurance), further down the line when their finances allow;
  • The same premium ratings are used for the converted policy, so even if your health is not as good as when you initially purchased the term life cover, no further medical underwriting is required and you will still be insurable when you come to convert the policy. This may be far cheaper than buying a new life policy later in life when your health may not be as good – potentially saving you a lot of money on premiums;

Compare convertible term life insurance quotes and buy online

You are probably all too aware that life insurance is not a simple topic – it can be a minefield trying to buy the best life cover for your circumstances. Whilst it’s also possible to get cheap life cover, it’s vital to do a comparison of convertible life insurance quotes before buying, as policies differ in the benefits they offer.

To compare convertible term life assurance simply fill in the form to your right. Our network of FSA authorised experts will then search the whole of market to find you a great deal on life cover. The service is also free and there’s no obligation to buy anything.

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