What does convertible term mean?
It starts as plain term coverage. Later, it can switch to coverage that lasts for life. No new health checks are needed.
Written by William Litner, FCAS. Last updated November 3, 2026. This page prints no prices: convertible term carries no survey price of its own, as explained below.
- Convertible term starts as plain term coverage and can later switch to coverage that lasts for life, with no new health checks.
- Your health rating carries over to the new policy, but the price resets to the life-long kind's price at the age you switch.
- The switch has a hard deadline: miss the window and the switch is gone, so ask for the closing date before you sign.
How the switch works
Starts as term
The first years are ordinary term. Set span, level price, no cash value.
The switch
Inside a set window, you trade the term policy for a life-long one. The amount can stay the same. Some policies let you switch only part of it.
Your health rating carries over
The switch needs no new health checks. The rating from your first policy carries to the new one.
The price resets
The new price is the life-long kind's price, at your age then. It runs higher than the term price. That jump is the real cost of waiting.
The deadline is hard
Plain questions, plain answers
Common questions
What does convertible term mean?
It is term coverage with a switch built in. Inside a set window, it can change into coverage that lasts for life. No new health checks are needed, and your health rating carries over.
Does the price stay level after the switch?
No. The new price follows the life-long kind at the age you switch. It runs higher than the term price, and it starts when you switch.
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