Convertible Term

Although, not so common these days, it's possible that many people still have a Convertible Term Assurance Policy which is a sort of hybrid life assurance that provides an option for converting a traditional Level Term Assurance to include a Whole of Life, Investment or Endowment Insurance element.

They allowed the conversion subject to an additional premium, however the real advantage with these types of policies came with the fact that at the point of conversion, no further medical evidence was required, even if your health had deteriorated therefore guaranteeing acceptance.