Convertible Term Assurance

1. A variation of Level Term Assurance
2. Typically, around 20% more expensive than level term assurance, this type of policy gives the assured the opportunity to change the policy into one giving permanent cover in the form of an endowment or a whole of life policy
3. Such permanent cover is granted without further evidence of health (provided the sum assured does not exceed that of the original policy)
4. If during the term of the convertible term policy, the life assured should experience health difficulties, permanent cover may be taken out quickly and easily
5. Typical uses can include; when it is recognised that life long cover is needed but financial constraints (growing family etc) may preclude the use of other alternatives. As an example the one could effect a 20 year convertible term assurance to ensure protection is in place. If, ten years later, one has a heart attack, then the policy can be converted to whole of life providing life time protection with no need for medical evidence

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Braunton IFA Ltd is an appointed representative of Virtual Net (Europe) Plc which is authorised and regulated by the Financial Services Authority.The Financial Services Authority do not regulate some areas mentioned on our web site including most Buy to Lets and Commercial Mortgages, National Savings Products, Home Reversion Schemes, Inheritance Tax Planning and Will Writing