Is it Possible to Convert Life Insurance9017985

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In case you possess convertible term life insurance, your plan includes a supply that enables you to convert the policy to permanent life insurance (cash worth insurance) like whole life, variable life, or common life.

Convertible term policies ordinarily state that conversion must occur in a specific time after the coverage is issued, or before you reach a certain age. When the policy is converted, you enjoy all the advantages of cash-value life insurance, including life protection, a much more stabilized premium structure, and the tax favored buildup of cash value. (You will pay a higher premium for the cash value insurance.) And, you won't be required to supply evidence of insurability during the time of conversion. For instance, if you get a $100,000 term life insurance policy, you can choose to convert $50,000 to permanent life insurance while keeping $50,000 in term life-insurance. Following That, you can either maintain the remaining term insurance until the term period ends, or later transform the $50,000 term policy to permanent life insurance, depending upon your requirements. The premium you pay for the permanent life insurance policy will generally be according to your age at that time of conversion (attained age), but in some circumstances it might be based on your age once the original policy was purchased (original age). Ask your insurance agent for details. click here to read