Is a Convertible policy Beneficial

A convertible policy is one that allows you to shift from one type of life insurance policy to another. The reason for this in most of the cases is the changing financial conditions. However, you need not submit any explanatory notes to the company except specifying clearly the kind of policy you are currently in need of. The premiums and coverage factors are applied as per the new plan. The benefits you already had with the existing term life insurance policy will be retained and will be added to your policy as per the term. It is advisable for you to justify yourself about this shift.