Which feature of term insurance provides temporary protection and allows policyholders to change their coverage to permanent protection?

The feature of term insurance that provides temporary protection while allowing policyholders to convert to permanent protection is known as convertible term. This option is particularly valuable because it gives individuals flexibility; they can initially obtain a term life insurance policy, which is often more affordable, and later convert it to a permanent life insurance policy without having to undergo additional medical underwriting. This is beneficial for those who may develop health issues over time, as it ensures that they can still secure lifelong coverage regardless of changes in their health status.

In contrasting convertible term with other options, guaranteed insurability pertains to the ability to purchase additional coverage at specific times without requiring evidence of insurability, but does not allow for a change from term to permanent insurance. Renewable term allows the policyholder to renew their term coverage at the end of the policy period, but it doesn’t provide the option to transition to permanent coverage. Fixed coverage option isn’t a recognized term in insurance terminology related to this context. Therefore, convertible term is the most appropriate choice for the feature that enables changing from temporary to permanent coverage.