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Whipsaw Glossary

Currently viewing the definition of: Convertible Term Assurance
 
 
 A level term insurance policy provides life cover for a specified amount over a specified term. The sum assured is payable on death during the term. Level term insurance carries no investment value, so if the person lives for the duration of the term, no return is payable. The premium is based on gender, age, period of cover and medical condition. With a convertible option, the policy can be converted to a whole life insurance policy.