MassMutual's Convertible Term policy is designed to give you the security of death benefit coverage for a specified time period and the flexibility to convert that coverage into a whole life policy that provides lifetime protection at an affordable rate. Because this particular policy is algorithmically underwritten, it can be applied for online and approved in real-time. In other words, you receive an immediate decision and coverage can begin right away. In order to continue the coverage, you do need to complete a medical exam within 90 days. Then, for a period of 1 year up to 10 years, depending on your age, MassMutual's convertible term insurance gives you the right to convert all or a portion of your policy to a permanent policy that offers you lifetime protection and other benefits at an affordable rate.
While convertibility might not be for everyone, we believe in empowering you with options and flexibility as your needs and circumstances change. If you have children, a partner, or elderly parents that need financial protection immediately, but you can't afford the higher premiums of lifetime protection through a whole life policy, a convertible term could be a great solution to solving your immediate need but also keeping the option to switch to a lifetime protection at an affordable rate in the future as your financial circumstances stabilize or improve.