Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health?

The provision that allows a policyowner to change a term life policy into a permanent one without the need to provide proof of good health is known as the conversion provision. This feature is valuable because it provides policyowners with flexibility, allowing them to lock in coverage even if their health status changes over time.

When a term life insurance policy includes a conversion option, the policyowner can transition to a permanent policy at designated times during the term period, typically without answering medical questions or undergoing a medical exam. This means that if a policyholder experiences a health issue later on, they can still convert to a permanent policy, ensuring that they have lifelong coverage regardless of their current health condition.

The other choices provided do not pertain to this specific function. The renewal option refers to the ability to extend the term policy for another period, but it typically still requires proof of insurability in many cases. A rider is an additional provision added to a policy that modifies it in some way but does not inherently allow for conversion from term to permanent coverage. The waiver of premium is a benefit that keeps the policy in force without payment of premiums under certain conditions, but it does not relate directly to converting a term policy to a permanent one.