What type of term policy allows conversion to whole life insurance without a physical exam?

The term policy that allows conversion to whole life insurance without a physical exam is the convertible term policy. This type of policy provides policyholders with the option to convert their term insurance to a permanent life insurance policy, such as whole life, typically at certain specified times during the term of the coverage. The ability to convert without undergoing a physical examination is a significant advantage, as it allows individuals to secure lifelong coverage without the risk of health changes affecting their insurability.

This feature is especially beneficial for those who may have developed health issues during the term period or for those who prefer the security of permanent life insurance as they age. The terms and conditions under which the conversion can occur are outlined in the policy and usually involve specific time frames or age limits, ensuring that policyholders are informed about their conversion rights.