Definition of "Convertible Term Life Insurance"

Some term life policies have the option of converting into a permanent insurance plan regardless of the current health of the insured. Often this option is available during a limited period of time. During this period, the insured does not need to show evidence of insurability to convert the policy. This option is attractive when there is a need for a permanent plan of insurance, but the policy owner can not currently afford the initially higher premiums of a permanent plan.