Today’s Question: Can I convert my Term Life Insurance?
While Term Life Insurance in generally inexpensive at a young age, premiums go up as one ages. One may consider converting their Term Insurance do to this or any other reason, but is it possible to do so?
The ability to convert your Term Life Insurance really depends on the policy. You have to check the wording of the policy to verify if your plan is convertible, meaning you can convert without a medical from your current Term policy to a Permanent policy.
The permanent policy may be a Whole Life policy, a Universal Life Policy, or perhaps a Term to 100 type policy. These are the policies you want to research if you are looking to switch from Term Life Insurance. Each company has different conversion rules in terms of the type of plans that they are convertible to and how old you can be and still convert the coverage.
You have to make sure you really know the ins and outs of your policy and if anything is unclear, get your answer in writing.
Have more Life Insurance questions? We have more answers for you here!
