Convertible term

Convertible term assurance policies are similar to term assurance policies as they have a known level of cover that will pay out in the event of death within a set time but they also come with the option to "convert". This conversion option allows you to adapt your plan if your circumstances change. You can convert it to either an endowment assurance policy (provides a cash benefit when the policy ends, i.e when it matures) or a whole of life assurance (provides life assurance for an unlimited period).
You can convert (usually within certain limits) part or all of your life assurance cover at any time during the term. And, importantly, you won't be asked any health questions at the date of conversion.
If your level of cover you selected at the start stays the same then the premiums will too. If you survive the policy term without any conversion of the plan there will be no pay out. As this type of contract only provides cover in the event of death (plus the option to convert) there is no surrender value. So if you stop paying the premiums at any time, your cover will stop immediately and you won't get any money back.