Common Gap. DEFINITION of 'Common Gap'. A price gap found on a price chart for an asset. These gaps are brought about by normal market forces and, as the name implies, are very common. They are represented graphically by a non-linear jump or drop from one point on the chart to another point. In general, there is no major event that precedes this type of gap.
Most term life insurance policies sold today come with a conversion feature that allows you to convert some or all of your term life insurance policy to a permanent policy like whole life, universal life or variable life. Some term policies also allow you to convert your term policy to a permanent policy in phases.
Save. Term life insurance policies are life insurance policies that provide temporary coverage up to age 85. The maximum age you can renew your policy will depend entirely on the type of policy you purchase.nnual Renewable Term. Annual renewable term life is life insurance that renews every year. This type of life insurance automatically renews up to age 85. Beyond this age, you will not qualify for any type of life insurance and your term policy will be canceled.