Renewable
At the end of the term, the contract continues without new evidence of insurability. That is real protection if your health has deteriorated. The trade-off is the rate: it is based on your attained age and rises sharply.
Convertible
You can convert all or part of the coverage into a permanent contract, with no new medical underwriting, up to an age limit set in the contract. It is the most useful clause if your situation becomes permanent or your health changes.
Guaranteed or adjustable premium
A guaranteed premium stays the same for the whole term. An adjustable one can be revised by the insurer under the contract’s conditions. The distinction is not always prominent in an illustration.
The conversion age limit
The right to convert expires at an age fixed in the contract, often well before the term ends. A convertibility clause whose deadline has already passed is worth nothing: check the date now, not when you need it.
The effect on the initial price
A contract carrying all three clauses generally costs more than one without them. Comparing two term policies on premium alone means comparing two contracts that do not grant the same rights.
What to reread
Pull out your contract and find three things: the term’s expiry date, the conversion age limit, and whether the premium is guaranteed. Those three facts govern all your future options.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.