For policyholders who wish to preserve the option to convert their term policy until beyond even the basic conversion periods, there are also conversion extension riders. For an additional cost, the conversion extension rider allows policyholders to extend their opportunity to convert their policy. For example, while a basic term conversion rider on a 15-year term policy may require the policyholder to convert their coverage within the first ten years of the policy, a conversion extension rider would allow the policyholder to decide within the first 12 years of the policy (or until the policyholder reaches the age of 70, whichever comes first). A conversion extension rider must be purchased with the original policy, it cannot be added on later. This extension rider is usually very low cost for shorter term policies and well worth the price to add the additional years. Many of them provide an extension for the entire duration of a policy, even as long as 30 years.
