Which option allows you to change your term policy into a whole life policy without an additional medical examination?

The option that allows you to change your term policy into a whole life policy without undergoing an additional medical examination is typically referred to as a "conversion option" or "convertible term insurance."

1. Definition: A conversion option allows policyholders to convert their term life insurance into a whole life or other permanent policy. This is beneficial for those who may have developed health issues since obtaining the original policy.

2. Benefits: The primary benefits of having a conversion option include the ability to secure permanent life insurance coverage without needing to undergo a new medical examination, which could lead to higher premiums or denial of coverage due to health changes.

3. Conditions: However, it is essential to review the specific terms of the policy, as there may be time limits within which the conversion must occur and restrictions regarding the amount of coverage that can be converted.

In summary, if you're considering converting your term policy to whole life, check if your current policy includes a conversion privilege. This feature will allow you to make the switch without the hassle of a new medical exam.