A conversion option is fantastic.There, I said it.It’s great because it lets you add years to your cover without answering medical questions…which probably doesn’t really make much sense on it’s own.So: example.Jim is 40 and has 20 years left on his mortgage. 15 years later, he’s near the end of his term, and his mortgage is pretty much paid off. However, he’s 55 now and has a dodgy ticker.HOWEVER, he has a conversion option, so now he can turn his MP policy into a Life Insurance policy. WITHOUT having to disclose the dodgy ticker, which would otherwise cost him a price hike.Sound.New Ireland, Royal London, and Zurich offer a conversion option on their mortgage protection. Aviva and Irish Life do not.This one is important, so keep an eye on it when you’re making your decision.For me, New Ireland is the winner here. Let’s say Jim initially took out a policy for €300k but only has €50k left. New Ireland will offer him a new plan for €300k, the others will only give him €50k.Unless you’re older when applying. If so choose Zurich Life as they will allow you to convert your policy up to your 87th birthday no questions asked. With Royal London, you have to be under 70, and with New Ireland, you have to be under 65.NB: You will pay a few euros more to add the conversion option (roughly 5% extra), but it’s well worth it.