Convertible term life insurance allows policyholders to convert to a permanent policy without a medical exam, typically within a limited conversion period. Permanent policies offer death benefits and cash value but have higher premiums, often five to 15 times more than term policies. Not all term policies are convertible. Partial conversions may be allowed. Alternatives include renewable term, accidental death, and long-term care insurance. Selling policies or cancellations have specific conditions.