Convertible Term Life Insurance

Convertible term life insurance is like other forms of term life insurance in that it is for a set period of time. However, with this form, you can convert it to a permanent form should you need coverage for a more extended period than you anticipated. Getting affordable convertible term life insurance rates doesn't have to be hard.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Mar 24, 2021

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Quick Facts

  • Convertible term is a less expensive form of life insurance.
  • You will have the option to convert your policy to a permanent one at a later date.
  • It can be converted to whole life coverage during the term or before the policyholder’s 70th birthday, whichever comes first.

Are you wondering about the best convertible term life insurance? We know insurance can be difficult to understand, so we’ll break it down for you in detail. There are many different types of term life insurance and convertible term is one of the more popular.

In the meantime, get started finding convertible term life insurance quotes in your area by typing your ZIP code into our helpful tool above.

Convertible Term Life Insurance: An Overview

One of the primary benefits of convertible term life insurance is that it is less expensive than a standard term life insurance policy.

Another potential benefit is that it can be converted to a permanent policy as long as premiums are paid on time. According to the Insurance Information Institute, this can be done without additional evidence of insurability.

No matter what age you choose to convert the policy to a permanent one, expect a significantly higher premium. However, you will have the policy for the remainder of your life. Click the link to learn why your 30s are the best time to buy term life insurance

Let’s take a look at a video explaining convertible term life insurance, as well as other forms of life insurance coverage.

Remember, we said that term life policies have a set timeframe. After that, you can expect your premium to rise by a fairly significant amount. The following table shows premium rates for different policy terms.

Average Annual 10-Year Term Life Insurance Rates by Policy Length
Length of Policy in YearsAverage Annual Rates
1-10$500
11$2,500
12$2,800
13$3,400
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In short, if you plan on having coverage for a long time, i.e., more than 10 years, you may want a whole life insurance policy. Let’s see what happens to a term life policy once it ends.

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How does convertible term life insurance differ from renewable term life insurance?

A renewable term life insurance policy allows the policyholder to renew for another term after the initial agreed upon term is over. Convertible term life insurance can be converted to whole life insurance at any point during the term or before the policyholder’s 70th birthday (whichever comes first).

Now you know the renewable and convertible term life insurance definition. Renewable and convertible term life insurance are both good options depending on your needs.

Should I convert my term life insurance to permanent?

It depends on whether or not you’re currently in a strong financial position. If so, it’s probably a good time to convert. If you’re younger and less financially secure, it would probably be best to keep things as they are.

Hopefully, we’ve answered all of your questions today. If we haven’t, fear not, because we’re going to be wrapping up with an FAQ section.

Ready to buy convertible term life insurance? For affordable convertible term life insurance type your ZIP code into our tool below to find reasonable rates for convertible term life insurance in your area.

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Frequently Asked Questions: Convertible Term Life Insurance

So is convertible term life insurance worth it? Only you can answer that question.

You should now know the convertible term life insurance pros and cons, but let’s go over a few questions commonly asked about convertible term life insurance. Keep reading to learn more.

#1 – What is level premium convertible term life insurance?

This type of coverage guarantees that premiums remain the same throughout the contract while the level of coverage increases.

#2 – Can a term life insurance policy be converted?

Yes, most term life insurance policies can be converted.

#3 – When should you stop term life insurance?

At the end of your agreed term, because your rates will increase otherwise.

#4 – What happens if I outlive my term life insurance?

You will no longer have life insurance coverage and your family will no longer be entitled to a death benefit.

#5 – What does a 20-year term life insurance policy mean?

This is a policy that lasts for 20 years. The premium and coverage amount will not change over that 20-year period.

#6 – Which is better, term life insurance or whole life?

It depends on your age, your financial situation, and other personal factors. Many financial experts believe that term life insurance is a better deal, but again, you will have to take your personal circumstances into consideration.

#7 – What are the advantages and disadvantages of term life insurance?

We’ve gone over the many advantages, but somme disadvantages are premium prices will increase after the initial guarantee period; it’s designed to be temporary, and it holds no cash value.

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