Obviously each case is different Dr. M, but depending on the client I would always recommend a guaranteed WOL policy over a convertible term. The term policy maybe cheaper in the short term, but over the life of the policy and taking into account two or three reviews a term policy can become more expensive than a WOL policy. It can also be more restrictive, as the company will stipulate at the start when the policy can be converted - getting married, mortgage increase etc. By the way, I'm not offering particular advise to this client. I don't know him! I'm just giving my opinion on a posted question.