Affordable Life Insurance Protection for Your Family
What is Convertible Term Life Insurance?
Convertible Term Insurance offers you the option to convert your term insurance policy into any of the other types of life insurance policies offered by your life insurance company.
For example, if you buy a 20 year term life insurance policy with an option to convert the policy to a permanent life insurance plan by a specific date in the future, you may be able to convert your term life coverage to lifetime coverage.
As a term life insurance policy holder, you may be able to convert some or all of the coverage to a whole life insurance policy.
With whole life, you are covered for as long as you live. And, approval for conversion of your term policy to permanent (whole life) protection is usually guaranteed. The application process is quick and easy, and you don’t need to a medical exam.
Whole Life Coverage Provides the Following:
Convertibility can be an advantage to you if your life insurance needs change over time, as they do for many people.
The convertibility option usually does not require you to prove insurability (take a medical examination) to qualify for the new coverage. This creates a greater risk for your life insurance company, so the new coverage usually costs more than Annual Renewable Term Life Insurance.
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