10-Year Term policy contracts feature a guaranteed level premium for the initial period and, where the contract is "renewable", subject to the "final expiry date of the contract", for at least one additional guaranteed level premium period.

The term "renwable" means that the policy may be renewed at the option of the insured without having to re-qualify for the coverage.

A "level premium period" is defined as a multiple-year period during which the premium is guaranteed to remain constant and not to increase.

The "final expiry date of the contract" is a date beyond which the policy may no longer be renewed at the option of the insured. The "final expiry date of the contract" may differ among various term insurance offerings and is an important matter for consideration.

10-Year Term policy contracts may be either "convertible" or "non-convertible". A "convertible" policy contract provides for the conversion ('exchange') of the term policy contract to a permanent policy, at the option of the insured, without requiring the insured to qualify for the new policy contract. "Convertible" term policy contracts provide important and valuable flexibility.

The "conversion period" is the period during which the term insurance policy may be converted at the option of the insured and without requiring the insured to qualify for the new policy contract. The "conversion period" is often different among term insurance offerings. The policy contracts offered by the insurance company for conversion purposes are also different. It is therefore important to consult with a knowledgeable financial advisor who is equipped with the CompeteCA(tm) Professional insurance and financial planning software.