A convertible insurance policy is a term usually related to life insurance. This type of policy provides the benefit of obtaining less expensive term life insurancenow while maintaining the option to convert to a permanent policy at a later date asinsurance needs and financial resources change.

Decreasing term insurance is renewable term life insurance with coveragedecreasing over the life of the policy at a predetermined rate. Premiums are usually constant throughout the contract, and reductions in coverage typically occur monthly or annually.

Increasing term life insurance. A term life policy that increases the death benefit each year during the term. Concurrently, as the death benefit increasLevel-premium insurance is term life insurance for which the premiums are guaranteed to remain the same throughout the contract, while the amount of coverage provided increases.es, so does the premium. If kept long enough, the premium on this policy will increase faster than the death benefit.