Convertible term life insurance is an insurance coverage which starts as term insurance and later changes to another type of coverage. Under a term life policy, the insured pays a variable premium that increases with age. The insurer in turn promises to pay a certain amount upon death. The insured is given the option to change the policy to another type of life insurance, typically a whole life policy, where the insured pays a fixed premium which is invested by the company thus building up a cash reserve for the insured. Convertible term life insurance can be converted regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged an additional premium for any health problems.