What is a conversion option on mortgage protection?

Mortgage protection is designed to decrease in line with your mortgage balance. However, once your mortgage is cleared (or if you switch lenders), you may still want life cover.

The conversion option allows you to convert your decreasing mortgage protection into another type of life cover (such as level term or whole-of-life) without further medical underwriting.

This option protects you against future changes in your financial circumstances. For example, if you need to extend your mortgage term to lower repayments, switch to interest-only payments, or remortgage for home renovations, you can adjust your policy accordingly. Adding this option increases your discounted premium by just 5%.