Term life insurance lasts for a specific period of time, 10 years, 20 years up to 30 years.
30 year term policies are available up to age 55 *
20 year term policies are available up to age 70 *
10 year term policies are available up to age 80 *
* Some carriers have lower limits. These ages are for non-tobacco applications. Maximum age for tobacco applicants is lower.
Term conversion is the ability to change your term policy to a permanent policy without evidence of insurability.
This is an important free rider available on most term policies.
Has your health deteriorated since you took out your term policy? Term conversion may allow you to get permanent coverage at an affordable premium.