Converting term to whole life insurance

Term life insurance policies end after a specific period of time. This may or may not be before you pass. If your term life insurance policy expires, your beneficiaries won’t receive a death benefit. That is why some people convert their term life insurance policies to whole life insurance.

Why should I convert my term policy to a whole life insurance policy?

Many people purchase term life insurance, because it is the more affordable option. They also believe, that once their dependents reach a certain age, they won’t need their financial support or as much of a death benefit. If your term life policy is coming to an end, you might want to consider alternative coverage. It is wise to always have some sort of life insurance to help cover end-of-life costs and ensure your loved ones don’t carry a financial burden when you pass away. If you have any debts or medical bills at the time you pass, your dependents would be required to take on that financial burden. There are also end-of-life expenses like funeral costs to consider.

How to convert a term life insurance policy to whole life insurance.

If you have a term life insurance policy, you will most likely have the opportunity to convert it into a whole life policy. However, you can typically only convert policy types during a predetermined conversion window. The window typically begins two to five years after your purchase date and typically ends when your term ends or when you become a certain age. This window varies from insurance company to company.

• Benefits of converting a term life insurance policy to a whole life insurance policy.
• Benefits of converting your term life policy to a whole life policy include:
• You won’t be required to take a medical exam since you already had one done for your term life policy.
• You shouldn’t have to go through the underwriting process again
• You might be able to do a partial conversion of your term policy
• You will gain cash value from your whole life policy that you can borrow against
• You will have lifetime coverage and won’t have to worry about a term expiring

Insurance Best Prices can help you find the right whole life coverage. Request a free quote today.