If you own a term life Insurance policy and decide you want your coverage ti last your entire lifetime, you may be able to convert your term life policy to whole life insurance. This is called conversion, or converting your term life insurance coverage to permanent life insurance. If your term insurance policy is convertible, it will allow you to convert term life to whole life coverage. However, you must contact your insurance company to request conversion of your coverage, and they will tell you how much you will pay for your new policy. Since whole life provides lifetime protection, your premiums for coverage will be much higher than you were paying for your term life insurance.