[amp_mcq option1=”A convertible Term policy cannot be converted into a whole life policy” option2=”A convertible policy can be converted into a money back cover also” option3=”A Convertible Term policy can be converted into a whole life policy” option4=”A converting term policy can be converted into a decreasing term policy” correct=”option3″]<\/p>\n
The correct answer is C. A Convertible Term policy can be converted into a whole life policy.<\/p>\n
A convertible term policy is a type of term life insurance policy that allows the policyholder to convert the policy into a permanent life insurance policy, such as a whole life policy, at a later date. This can be done without having to provide evidence of insurability, which means that the policyholder will not have to undergo medical underwriting again.<\/p>\n
There are a few reasons why someone might want to convert a term life policy into a whole life policy. One reason is that whole life policies offer lifetime coverage, while term life policies only offer coverage for a specific period of time. Another reason is that whole life policies build cash value, which can be used for a variety of purposes, such as retirement savings or college tuition.<\/p>\n
If you are considering converting a term life policy into a whole life policy, it is important to speak with an insurance professional to discuss your options and determine if a conversion is right for you.<\/p>\n
Option A is incorrect because a convertible term policy can be converted into a whole life policy.<\/p>\n
Option B is incorrect because a convertible policy can only be converted into a whole life policy, not a money back cover.<\/p>\n
Option D is incorrect because a converting term policy cannot be converted into a decreasing term policy.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”A convertible Term policy cannot be converted into a whole life policy” option2=”A convertible policy can be converted into a money back cover also” option3=”A Convertible Term policy can be converted into a whole life policy” option4=”A converting term policy can be converted into a decreasing term policy” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-32348","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n