The conversion option allows your clients to convert their existing term assurance policy to a Whole of Life policy without having to provide any further medical information.

This option is available with Term Assurance and Mortgage Term Assurance policies and will incur an additional cost. The following conditions apply:

• The option should be selected when the Term Assurance or Mortgage Term Assurance policy is first taken out.
• The maximum sum assured under this option can’t exceed the original sum assured and is subject to a maximum limit of £1,000,000.
• To be eligible for this option, the life assured must be aged under 55 when the policy is taken out, and the plan term must be at least 10 years.
• Once this option has been exercised, no further premiums will be paid under the original Term Assurance plan or Mortgage Term Assurance, which will then lapse, with no further benefit being payable.
• The conversion option cannot be exercised after age 60 (older life for joint life plans).
• Premium rates and policy terms and conditions at the date of conversion will apply.
• This option can’t be chosen if indexation, Critical Illness Cover or decreasing cover is selected.