convertible term assurance

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A term assurance that gives the policyholder the option to widen the policy to become a whole life policy or an endowment assurance policy, without having to provide any further evidence of good health. All that is required is the payment of the extra premium. The risks of AIDS has meant that policies of this kind are no longer available, as insurers are not now prepared to offer any widening of life cover without evidence of good health.

Subjects: Financial Institutions and Services.

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