What does the convertible feature of a term insurance policy allow?

The convertible feature of a term insurance policy allows the policyholder to convert the term policy into a permanent insurance policy without providing evidence of insurability. This means that the insured can make the change regardless of their health status at the time of conversion. This feature is particularly beneficial for policyholders who develop health issues during the term period, as it ensures they can still secure long-term coverage without facing higher premiums or being declined based on their current health.

This flexibility is a key advantage of term insurance, as it provides an opportunity for individuals to continue their life insurance coverage as their needs change over time, often after the term expires. It effectively allows policyholders to transition to a more permanent solution when they may want lifelong coverage, offering peace of mind and financial security for the future.

The other options do not accurately reflect the convertible feature's purpose. For instance, converting to another life, accessing cash for a guaranteed sum, or converting with insurability do not align with the primary intent of ensuring a smooth transition to permanent coverage based solely on the policyholder's current health condition.