Conversion Privilege
A provision in certain term life insurance policies that enables the policyholder to switch to a permanent life insurance policy without requiring a new medical exam.
Detailed Explanation
This can be beneficial if your health changes and you want lifelong coverage.
Practical Example
David purchased a term life insurance policy when he was younger. As he approached the end of the term, he decided he wanted permanent coverage and used the conversion privilege to switch his term policy to a whole life policy without having to take another medical exam.
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