Term Conversion Rider
In case you want to convert term life to permanent insurance. The maximum term policy is good for 30 years at a level premium.
Permanent life insurance, such as whole life or universal life, provides coverage for your entire life, so your beneficiary receives a benefit no matter when you die.
This rider lets you convert term life insurance into permanent life insurance without undergoing a medical exam. Fiore says it’s especially attractive to young people starting careers and families who need life insurance but don’t have enough money yet to secure all the coverage with permanent life insurance, which has higher premiums than term life.
There will be a deadline for when you must convert if you want to change the term policy to permanent life insurance without providing health information but the premium with change according to your health. Do expect to pay much higher premiums during conversion.