What Are Important Provisions In Most Life Insurance Policies? 
I think the convertibility option in term insurance policies is a game changer . In essence , it allows you to convert your term policy into a permanent product without going through underwriting . Think about that for a second . Let 's say you bought a term policy when you were a young parent to protect your family . You thought you would have no need for coverage once your youngest child was out of the house , so you went with term . Lo and behold , you had more kids than expected . Or maybe you took out a second mortgage and were in debt longer than you planned . Or maybe you opened a business and need to indemnify a business loan . For any a number reasons , you need life insurance past the original time of purchase . But now , unfortunately , you are not insurable . You have a very serious illness . You are stuck . You have dependents , you have debt , but you have no way to cover them . Wait a minute ! You can convert the term policy into a permanent product without answering any medical questions , taking a medical exam , or having your medical records reviewed . Whew ! That rider is a godsend . Of course , there are a few stipulations . You can convert up to a certain age . You have to pay the premium for a permanent product at the age you convert . And , you will be approved at the rate class at which the term insurance term policy was issued . But with these factors all favorable , that convertibility option can come in very handy . I have seen it . 