A lot of life insurance policies have something called a conversion clause. The conversion clause gives the policy owner a contractual right to convert or update the policy at a later date. The conversion clause has the primary benefit of the insured individual. It allows people to forego medical underwriting in some cases. But the main purpose of a conversion clause is to allow the insured to convert their policy to a different policy that better suits their needs, so they can adjust to life’s changes.
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