Insurance Conversion Privilege Clause Samples
The Insurance Conversion Privilege clause allows a policyholder to convert their existing term life insurance policy into a permanent life insurance policy without the need to provide evidence of insurability or undergo a medical examination. Typically, this option must be exercised within a specified period, such as before the term policy expires or the insured reaches a certain age. This clause provides policyholders with flexibility and continued coverage, addressing the risk of losing insurance due to health changes that might otherwise make obtaining new coverage difficult or expensive.
Insurance Conversion Privilege. 1. The Board agrees to provide conversion privileges for health insurance upon the retirement of employees covered by this Agreement.
2. The premiums must be totally paid by the individual at rates equal to those rates being paid by current employees.