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.
Limits. You may only purchase life insurance up to age 85, which is the age at which life insurance companies no longer sell life insurance to individuals. At age 85, you are considered uninsurable. However, you may keep a life insurance policy in force that is already purchased.erm life insurance is life insurance that is temporary, which means that the policy renews either every year or after a set number of years. Permanent life insurance is the other type of life insurance. This type of insurance does not renew.