How is it possible to Convert Life Insurance6133868

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In case you own convertible term life insurance, your policy contains a provision that enables you to convert the policy to permanent life insurance (cash worth insurance) including whole life, variable life, or universal life.

Convertible term policies typically state that conversion must happen in a certain period following the coverage is issued, or before you accomplish a particular age. When the plan is converted, you have all the benefits of cash-value life insurance, including life protection, an even more stabilized premium structure, along with the tax-favored buildup of cash value. (You will pay a higher premium for the money value insurance.) And, you will not be asked to supply evidence of insurability at that time of conversion. For example, in case you get a $100,000 term life-insurance policy, you may pick to convert $50,000 to permanent life insurance while keeping $50,000 in term life insurance. Following That, you can either maintain the staying term insurance before the term period ends, or after convert the $50,000 term coverage to permanent life insurance, depending upon your requirements. The premium you buy the permanent life insurance policy will ordinarily be based on your age during the time of conversion (attained age), but in a few instances it can be according to your age when the original policy was purchased (original age). Ask your insurance agent for details. watch this website