A GUIDE TO CRITICAL ILLNESS INSURANCE
17
Conversion option
The most common conversion option in critical illness insurance policies is the option to
convert from a renewable premium term to a level premium term plan (see section 7). This
option is usually built into a renewable premium critical illness insurance plan and allows
the policyholder the option to convert to a level premium critical illness insurance policy,
at any time during the specified conversion period.
For example, a 10-year renewable premium critical illness insurance plan with insurance
coverage up to age 75 may allow conversions up to age 65.
Another example of a conversion option is in group insurance. If your group or association
critical illness coverage is terminated, you may have the option to convert to individual
coverage.
OTHER PLAN TYPES AND OPTIONS
