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Convertible Term

Definition

Convertible Term: A life-insurance arrangement available from Canadian insurers under which a policy written for a fixed number of years—usually 10, 15 or 20—and priced only for that temporary period can be changed, without medical underwriting, into a permanent life-insurance policy (whole-life, universal-life or other lifelong coverage) issued by the same company. Conversion must occur during the window spelled out in the contract (typically before the term ends or the insured reaches a stated age such as 65 or 70). Once converted, the policy remains in force for the rest of the insured’s life, with level premiums based on the age at the time of conversion and on the rates then in effect for the chosen permanent product.

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All quotes, products, and services are marketed and distributed by Red Helm Canada, an independent brokerage. Review our brokerage disclosure to find out more about who we are. While all effort is made to ensure accuracy, rates and plan details may be subject to review or change without prior notice. Rates are not guaranteed until final approval and confirmation from the insurance carrier.  Plan eligibility is not guaranteed and may be subject to a medical questionnaire or other eligibility criteria. By submitting your information in our quote request form, you are accepting the terms and conditions of our website and are accepting that we communicate with you electronically for the purpose of solicitation.