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.
Voluntary term life insurance is a policy that protects a beneficiary and his family for a specified period only. Unlike voluntary whole life insurance, which provides protection throughout a person's life, the protection period for term life is usually 10 or 20 years. Monthly premiums also do not build cash value.