Sentences with phrase «convertibility option»
A "convertibility option" refers to the ability to exchange one thing for another. It means having the choice to convert or change something into something else. Full definition
In addition to providing a level benefit for the period that has been chosen, this plan provides a guaranteed convertibility option.
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They can even consider one that has a «convertibility option» to convert the policy to a whole life policy if they so choose later down the road.
This is also known as a convertibility option.
The Financial Planner living outside Los Angeles, that is interested in a low cost term life insurance policy that has a convertibility option.
Banner's products also come with a great range of riders, convertibility options, and a second - to - none sub-standard underwriting style.
The convertibility option usually does not require you to prove insurability (take a medical examination) to qualify for the new coverage.
If a ten year term is all you have and you have the need for longer coverage, always exercise the convertibility option, you can always lower the coverage amount if it gets too expensive or your need for coverage declines.
Convertibility: One advantage of term life is the convertibility option.
Keep in mind, term life insurance plans usually provide a convertibility option which means you may convert your term life insurance policy into a permanent life insurance policy by a specific future date stated in your term life policy.
You may want to look at the life insurance policy terms and conditions section that refers to «Conversion» or Convertibility Option»..
One ideal solution to either of these problems is to use the convertibility option that many term policies offer.