They are relevant if you buy them when you also purchase a repayment mortgage, as the capital value falls over the mortgage term. The interest-only mortgage is more about repaying a loan or a mortgage. Also called the level term policies because of the fixed benefits paid on death; at the end of the term; the policy has lost its value and expires.

Convertible term insurances are term policies, which can be converted into permanent protection as soon as your original policy’s term ends. The method used is the endowment policy. Its main advantage is that you can take out this policy without considering the estate of your health.

However, legal rules need to be respected if considering a conversion. It is not possible to increase the sum assured when you convert. A restriction of the amount on the original life insurance policy is applied. Secondly, you must operate a conversion before your term insurance ends.

Finally, though you cannot be refused conversion, the new premiums applied to your contract, will be determined by your age and sex (excluding only your state of health). For men, they inevitably rise.