Which term describes the policyholder's right to switch from term coverage to permanent coverage?

The term that describes the policyholder's right to switch from term coverage to permanent coverage is "Convertible." A convertible policy allows the policyholder to convert their term life insurance into a permanent life insurance policy without the need for additional medical underwriting, regardless of any changes in health status. This feature is beneficial for individuals who initially sought the lower premiums of term insurance but may later desire the lifelong coverage and cash value accumulation associated with permanent life insurance.

The flexibility offered by convertibility ensures that the policyholder can adapt their coverage as their needs change over time, providing both security and peace of mind.