If you buy a term insurance policy with a conversion option, this means that you

Question

Question 16 options:

will get most of your premiums back if you terminate the policy before its expiration.

can convert the policy to a larger term policy after one year.

can convert your term policy to a whole life policy during the conversion period.

will be able to change the term of your policy and automatically extend it.

Answer 1

If you buy a term insurance policy with a conversion option, this means that you

can convert your term policy to a whole life policy during the conversion period.

This feature allows you to change your term insurance policy to a permanent life insurance policy (like whole life) without needing to provide evidence of insurability, usually within a specified time frame or before a certain age.