Define "conversion" in the context of a term life insurance policy.

In the context of a term life insurance policy, "conversion" refers to the right to convert a term policy to a permanent policy without proof of insurability. This feature is particularly valuable because it allows the policyholder to transition to a form of insurance that offers lifelong coverage and potential cash value accumulation, regardless of any changes in their health status that may have occurred since the original policy was issued.

This right provides a safety net for individuals who may find it difficult or impossible to obtain new life insurance coverage due to health issues that have developed while the term policy was in force. It typically includes certain time frames and conditions under which the conversion must be made, ensuring that the policyholder can secure permanent coverage even if their health deteriorates.

The other options do not accurately describe the term life insurance conversion feature. Changing the beneficiary, transferring to another insurer, or increasing the death benefit are separate processes that do not represent the fundamental purpose of conversion in this context.