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Term Life Insurance
When you buy a term life insurance policy, you insure your life only for a specified period of time -- say, five or 10 years. If you die within the term you specify, the insurer will pay death benefits to your beneficiaries or your estate. If you outlive the term, the insurer will keep all your premiums and won't owe anyone a nickel. Some term life insurance policies, however, have a convertibility feature that allows you to convert your term life policy into a cash-value policy without having to take a physical.
By converting to a cash-value policy, you may also ensure that your beneficiaries will collect death benefits regardless of when you die. Including a convertibility feature in your term life policy may raise your annual premiums, but it's a nice option to have-especially if your health eventually deteriorates while you still have term coverage and no other insurer will provide you with cash-value coverage at reasonable rates.
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