Once the term of a convertible term insurance has expired, the policyholder has the choice to convert the plan to a different typeof contract which can be a further term plan, an endowment, or a whole of life contract.

A convertible term insurance can be converted to a permanent or whole life policy without evidence of insurability,subject to time limitations.

A convertible term insurance is a life insurance policy which pays out if the policyholder dies within a specifiedperiod of time, but also allows them to convert to another type of plan.