Receive ALL Your Conversion Options For Your Term Life Insurance Policy


Do You Own A Term Life Policy?

Most of us do.

If you are like most people, there’s a great chance you still need life insurance once your current term life insurance policy expires. So what do you do?

You can convert your policy to a permanent form of life insurance. But why should you convert it and how does that work? Why not just buy another term life policy?

We’ll cover all of that below.

What Is A Term Life Insurance Conversion?

A term life insurance conversion allows the policyowner to convert their term life insurance into a permanent policy with NO evidence of insurability. That means no additional underwriting is needed. No medical exam and no health questions. It’s simply paperwork that needs to be completed and submitted.

Most term life insurance policies on the market have a conversion feature to them. However, each company’s conversion rules are different. That’s where we come in and present you ALL of your conversion options with your life insurance policy.

Most people with a term life insurance policy have no idea who their agent is or don’t know how to contact them. This is the reason we started We understand the need and what people stand to lose if they don’t convert their policies. We’ll show you ALL your conversion options and we don’t even need to be the agent on your policy!

What is a Permanent Insurance policy?

Permanent life insurance is coverage for life. Unlike term that expires, permanent insurance does not. Life insurance that does not expire is not the only benefit that comes with permanent insurance. Permanent insurance also comes with a cash value component,

As you explore the possibility of converting your term policy, you will have multiple options for different types of permanent insurance. Each type is a different flavor with different benefits. On every policy you have multiple options with the cash value. You usually can borrow against or even allow it to pay your policy once the cash value has accrued to a certain amount.

These 4 are the most common you could encounter:

1. Whole life insurance

Whole life is the original permanent insurance. It covers you for life, and has a cash value component. The cash value on a whole life policy is similar to a savings account. The is growth but it is small and consistent.

2. Universal life insurance

Universal life is very similar to whole life. The biggest difference is that you have much more flexibility with premiums and cash value. You are able to overfund the cash value, and have some control over the investment vehicle.

3. Variable life insurance

In a variable life policy, your premium is invested into multiple accounts. You can select from various mutual funds, stock, and bonds. What you select is based on your risk tolerance.

4. Guaranteed Universal

Guaranteed universal is similar to universal life. The difference is that market variability is removed from the investment portion. A certain rate of return is guaranteed.

Why Convert a Term Policy to a Permanent Policy?

1. You Don’t Need To Take Another Medical Exam

When you bought your original term policy, you were younger, probably healthier, and maybe even weighed less than you do today. By converting your term to a permanent policy, you will not need to go through a medical exam to qualify for permanent insurance.

If you let your policy expire, then try to buy something new, you will need to go through medical underwriting which could change your pricing and eligibility. This can often times result in higher costs for life coverage, or denial of certain types of coverage altogether, based on health.

2. You Need Life Insurance Longer Than You Expect

When you are in your 20’s, a 30 year term feels like an eternity away. You probably expected to be a multi-millionaire by 50, independently wealthy, with no need for life insurance.
Age 50 is only getting closer for all of us. Whether or not the millions are there by the time you get to this age, the need for life insurance still exists. Though this time around, you may be considering getting coverage for retirement, long term care, or establishing a trust.

As you get older, your life insurance coverage options become few and far between. Often times having smaller amounts of coverage and higher premiums.
Converting a term life insurance policy into a permanent life policy is an affordable solution for people who are looking to secure life insurance that lasts them well into retirement and beyond.

3. You Have More Dependents and Financial Responsibilities

Most people have less earning power when they are younger, which is alright because they also have less financial responsibility. As we grow older, settling into families of our own, purchasing houses, and having incomes that our families depend on, we begin to have more of a need for life insurance.

Sometimes, complications such as refinancing mortgages, sending children to college, having more vehicles, et cetera… find their way into the equation of life. This means not only more financial dependency on our income, but also a larger amount of debt.

As a result, you often have more life insurance needs later on in life. As you get older, term life insurance policies have shorter life spans, with most of them only covering through age 75. If you plan on having a need for life insurance beyond this age, converting to a permanent life insurance policy in your 40s and 50s is ideal.

4. Your Health is Not Guaranteed

Some of the saddest things we have ever seen come from people who wait to renew life insurance policies because they are not sure what to do. As we age, our health declines naturally. For the most part, good diet, exercise, and healthy lifestyle can counteract most of times damage to our bodies, but for some this is not the case.

Imagine not having the right life insurance coverage in a time of need when you become sick? For some, this nightmare is the reality. Their term life policy expires and they figure that they are healthy now, so why apply for a new life insurance policy?

So they wait, and soon it becomes forgotten. Until one day, when they get a bad diagnosis and they no longer have coverage. It then becomes a scramble to apply for a riskier no exam life policy that offers very minimal coverage for high rates, and may not even pay out if the condition becomes terminal within a certain time frame.

No one wants to think about this scenario. But it happens. The worse part is thinking about what happens to your family who cannot afford to pay for the medical expenses if you pass away?

Converting your term life insurance to permanent coverage allows you to have the peace of mind knowing that while you cannot control your health as you age, you can control how financially secure your family will be when you can no longer provide for them.

5. Providing For A Lifelong Dependent

Maybe your life situation has changed. You may have a child with special needs or a spouse that needs ongoing care. Losing your income could impact the quality of life for a loved one.

For people in these situations, it is essential to have permanent life insurance coverage, to provide for your beneficiaries when you are gone. Term life insurance conversion allows you to switch to a permanent policy that can ensure your dependents will always have something to fall back on in the event you cannot provide for them.

6. Estate Planning

Maybe you did make those millions you dreamed about in your 20’s. Now you need a way to protect your assets for yourself and your heirs.

A permanent policy can be a tax shelter, especially for your heirs. Estate taxes can impact you families inheritance significantly. Permanent life can provide for those taxes so your heirs don’t take that burden.

Converting to permanent life insurance allows you to have a great amount of control over your estate and what is to be done with the property afterwords. It allows you to open a policy that covers the taxes due on your assets once you pass. This keeps your family safe from taxes, and also from having to auction off your legacy to them.

7. Permanent Life Insurance Offers Diverse Investment Strategies

All permanent policies come with an investment vehicle. Each permanent life policy has a cash value portion that functions as investment. This cash value is accumulated over the life of your policy and is able to be borrowed against on a tax free basis. When a policy pays out, any remaining cash value balance is paid out on top of the death benefit.

Based on how this cash value is accumulated, there are many types of permanent life insurance that you can convert a term policy to (depending on your insurance provider and other factors).
Depending on your risk tolerance and desired rate of cash value accumulation, there are many types of permanent policies to choose from. On one end you have whole life. It functions like a conservative savings account. On the other end of the spectrum is the variable life policy, which ties the cash value portion to a mutual fund.

We talk more about the types of permanent life insurance you can convert a term life policy into in a little while.

The cash portion of the policy also creates a lot of options. You can borrow against it. You can even surrender it for the cash if you no longer need life insurance. With some policies, once the cash value is large enough you can let it pay the premium for the policy.

8. You Can Lock In Low Life Insurance Rates for Life

If you renew your term, you can only do so annually. The price will increase at each renewal, substantially. The other option is to open another term life insurance policy that you will only be able to convert before age 60 in most cases, at a much higher annual rate.

This does not give you a lot of options in the case of permanent life insurance needs either, as the amount of permanent life insurance policies to you only decrease with age.
Converting your term policy allows you to buy a permanent policy with a stable premium that will not change over time. You lock in the premium for the remainder of your life.

9. You Will Probably Outlive Your Term Policy

Most people do outlive the life of their term policy. At the end of the day, this is good. You get term life insurance hoping that it will never have to be used.

Only 2% of all term policies actually pay out. This means that 98% of people still probably have a need life insurance when their term expires. This may make you feel that all of your premiums paid into a term policy will disappear with no benefit to you or your family unless you do convert it.

This is a common feeling amongst people who have had a term life insurance policy expire completely expire, and now face the choice of purchasing another one at much higher premiums, or applying for a permanent life insurance policy at much higher rates because they must retake a medical exam and apply for rates at their current age.

Converting your term policy to a permanent solution allows you to have the best of both worlds, knowing you will not be putting premiums towards a policy you will likely outlive, or having to pay higher rates on a new policy.

10. Converting Term Life Policies Is (Usually) Time Sensitive

A vast majority of life insurance policies have terms in place that require them to be converted before a certain point in the policy (usually the first 5 to 10 years), or they are not able to be converted into permanent life insurance.

This means that a lot of people do not think about converting their life insurance policy until it is too late. But, fortunately, we are experts who work with dozens of the best life insurance companies on the market, and are able to help you figure out if your policy is able to be converted.

Give us a call today to speak with an expert life insurance agent who works independently of any one firm. This allows our agents to find the best permanent life insurance options for you to convert to.

Are you considering a term life insurance conversion?

You’re in the right place.

We’re a national life insurance agency licensed in all 50 states that helps term life insurance policyholders covert their policies into permanent ones. has access to 99% of the life insurers on the market. You want information about your current policy and the potential options you have in extending it. We can provide you with all the information you need to decide whether converting your term life insurance policy makes sense.

We’re here to make sure you have ALL the information and understand your options. It’s up to you to decide if you want to convert, renew, cancel, purchase a new policy or do nothing at all.
Even though we’re not the agent on the policy, we can still help you uncover all your conversion options – including costs, information on policies and advice for your situation.

A term life insurance conversion can be the most important feature to your term life insurance policy. However, it’s often overlooked and misunderstood. Don’t make the mistake so many people make and wait too long to learn more about converting your life insurance policy.

Call us today to speak with an expert life insurance agent who can help you understand your policy options and compare hundreds of permanent life policies to find the coverage your family deserves.

Frequently Asked Questions About Term Life Conversions

Is My Life Insurance Policy Convertible?

If you don’t know, that’s what we’re here for. We’ll just need to ask you some details regarding your policy such as the company name, name of term product, when it was issued and the term length. With that information, we can do our internal research and let you know if your policy in available for a conversion and to which products.

What Life Insurance Companies Can You Help With?

We can help with 95% of the life insurance companies on the market. Including (but not limited to):

American General
Banner Life
John Hancock
Lincoln Financial
Mutual of Omaha
North American
Protective Life
West Coast Life

How Much Do You Charge For Your Service?

Zero Dollars. We get paid by the life insurance company if we complete a conversion for you.

Can I Contact The Life Insurance Company Directly?

You can…but you’ll be speaking with a call center representative that works for the company and not on your behalf. They’ll give you the paperwork needed but won’t be able to advise you on what to do. They’re not licensed to give such advice.

On the other hand, we ( can work within your budget and evaluate ALL the options. We do the legwork to find the most competitive product your term life insurance company offers and structure it to meet your goals.

We’ll also give you advice that your life insurance company won’t give.

For Example: Let’s imagine you own a $500,000 term life insurance policy and can’t afford to convert the full amount to a permanent policy. Did you know that with most companies, you can convert just a portion of your policy? In other words, you could convert to a number that fits your budget ($250,000 of coverage, $100,000 of coverage etc) and remove the rest of the term coverage.

Shouldn’t I Meet With Someone In Person?

It’s not required by the life insurance companies and we can take care of this term life insurance conversion over the phone and through email, fax or mail. Whichever you prefer. We’re licensed to transact life insurance in all 50 states.

We want to be able to service our clients anywhere, anytime, and at your convenience.

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