Like Renewable Term Assurance, this type of term assurance contains an option at the end of the term. This time it is to convert it into a whole of life policy without the need for a medical. The option must be exercised before the plan ends. The level of protection cannot be increased upon conversion and, although your health is not taken into consideration at the time of conversion, the terms offered will be based on your age.

• Option at specified dates to convert your protection-only policy into an investment type insurance policy based on your health at the time you took out the original term insurance.
• The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholder

Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.