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What is a term life conversion option and when should I use it?

A conversion option (or conversion privilege) lets you convert some or all of a term policy into a permanent policy from the same insurer without a new medical exam, regardless of how your health has changed. This is valuable if you develop a serious illness during the term and become uninsurable but need lifelong coverage. Watch two things: the conversion deadline (often before a set age or a number of years into the policy) and which permanent products you can convert into. You would use it if your circumstances change, for example a lifelong dependent or a permanent need emerges, and you can no longer qualify for new coverage. Confirm your policy includes this feature before you buy; not all do.

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