Final answer:
In the context of term life insurance policies, the convertibility option allows the policyholder to convert their term policy into a permanent policy without the need for a medical examination, typically within a certain time period.
Step-by-step explanation:
In the context of term life insurance policies, the convertibility option allows the policyholder to convert their term policy into a permanent policy (such as whole life or universal life) without the need for a medical examination.
However, one exception to this rule is that the convertibility option may have a time limit, meaning that it can only be exercised within a certain period of time, typically during the initial term of the policy.
Therefore, the correct answer is that the convertibility option under a term life insurance policy usually does NOT continue indefinitely, but rather has a time limit.