What is a key feature of a convertible term life insurance policy?

A convertible term life insurance policy allows the policyholder the flexibility to convert their term insurance into a permanent life insurance policy, typically without the need to prove insurability. This conversion can often occur based on the current or attained age of the insured at the time of conversion, making it a valuable feature for those who may have concerns about their future health.

The ability to convert based on attained age means that, even if the insured's health deteriorates, they can still secure lifelong coverage without needing a medical exam. This feature is crucial for individuals who may wish to maintain life insurance coverage as they age or if their circumstances change.

The other options do not accurately reflect the specific attributes of convertible term life policies. For instance, while convertible term policies do indeed offer lower premiums compared to whole life insurance, that characteristic is not unique to the convertible feature and applies to term life insurance generally. Automatic renewal refers to another aspect of term life insurance, but it does not pertain to the conversion feature. Hence, the correct understanding revolves around the conversion capability based on the insured's age, highlighting the important aspect of security and flexibility within this insurance product.