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.
1 Basic Term: Allstate's basic term life insurance policy can cover you for 15 years. 2  While it doesn't require a medical exam, coverage and the cost of your monthly payments will depend on your answers to a health questionnaire.3  You can choose from coverage benefit amounts of $50,000, $100,000 or $150,000. term life insurance policy can often be renewed, or you can purchase a new policy, at the end of its term. You can convert your term life insurance to a permanent life insurance policy without needing a medical exam prior to the end of the conversion period.