What feature allows a term insurance policy to be converted into a permanent policy without new evidence of insurability?

The feature that allows a term insurance policy to be converted into a permanent policy without the requirement for new evidence of insurability is known as the convertible feature. This characteristic is particularly beneficial for policyholders who may have developed health issues after purchasing their term policy, as it provides them the opportunity to secure permanent coverage without undergoing additional medical underwriting.

When a term policy includes this convertible feature, the insured can transition to a permanent form of life insurance, such as whole life or universal life, at specified times or under certain circumstances. This conversion is done without needing to prove insurability, which can provide peace of mind and flexibility for individuals who want to ensure they have lifelong coverage even if their health status changes.

The renewable feature typically allows term insurance to be renewed at the end of each term, but it doesn't address the conversion to permanent insurance. The assured feature is not a standard term in life insurance and may confuse policyholders. The flexible premium feature relates to policies that allow for varied premium payments, but it also does not pertain to the conversion of term to permanent insurance. Thus, the convertible feature stands out as the significant element that facilitates this process.