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Conversion options on a term life insurance policy allow you to upgrade your coverage to permanent life insurance without medical proof of insurability. It ensures your ability to get permanent insurance down the road*, even if you experience changes in your health or occupation.
* Conversion available during certain coverage periods. Available up to age 70 (in NY, later of age 60 and the level period)
While most term policies offer an option to convert, the choices available can vary greatly between policies. Many policies limit the type of policy that can be elected at conversion. In addition, some policies require full conversion vs. allowing parts of the term coverage to be converted over time.