Speak with an experienced advisor! Quick Tip: Complete the form on the side if you want quotes on converting your term life insurance policy.
Before we get into the conversion details of Lincoln Financial’s term series, it’s important to understand that conversion options change over time.
The information in this post is accurate as we update the post any time there’s a change to Lincoln’s conversion options.
Here’s what we’ll cover in this article:
1. Is your Lincoln Financial term policy convertible
2. What Lincoln Financial permanent products you can convert to (it’s a bit tricky with the new changes).
3. Old term blocks of business that Lincoln Financial absorbed and their conversion options – Jefferson Pilot, Alexander Hamilton Life, First AHL, Guarantee Life specifically.
4. Steps to take in order to convert your Lincoln Financial term life insurance policy.
We help Lincoln Financial policy holders convert their life insurance regularly. We don’t need to be the agent on your policy to convert it, so please don’t hesitate to reach out if you have any questions. We know a lot of the information below is hard to understand as a consumer – we can make sense of it for you. Our goal is to answer as many questions as you may have with this article.
Lincoln Financial Conversion Eligibility
You can convert your Lincoln policy up to age 70 or the end of your term. Whichever one is earlier.
Very simple. Basically if you’re under age 70, you can convert your life insurance policy.
Lincoln Financial Conversion Options
It’s important to note that in your life insurance policy it states that Lincoln reserves the right to limit and change the products it makes available for conversion at any time and available products change frequently.
Lincoln has changed the options a few times over the last decade so conversion options will be based on the year you purchased your life insurance policy and the state availability of the permanent product.
If you purchased a Lincoln LifeElements Level Term, Lincoln LifeStratos Level Term and Lincoln TermAccel with a policy effective date prior to 9/12/2016, you can convert to any permanent product Lincoln Financial offers.
For policies that go in force after 9/12/2016, you can convert to any permanent product Lincoln offers for the first 7 years of your policy. Policy years 8+ conversion will be available to a limited product portfolio only – almost always “Lincoln’s Conversion UL”. If you purchased the convertibility rider with your term policy, you can convert to any currently available permanent product.
If you have to convert to Lincoln’s “Conversion UL”, it’s important to work with an agent/agency (like us) who has experience designing the product to your needs and budget.
If you can convert to any Lincoln product, you’re in great shape. They’ve got some really good permanent options.
If a husband/wife both have Lincoln products, you can even convert to a survivorship product as long as the coverage amount being converted is the same.
With Lincoln, you can convert your term policy as many times as you want. So lets say you have a $500,000 term life insurance policy and only wanted to convert $250,000 of it, you can. You’ll still have $250,000 of term coverage you can convert in the future. So there’s no reason to stretch your budget when converting your Lincoln Term Life Insurance policy.
Conversions on Lincoln’s Absorbed Blocks of Business
Lincoln has absorbed a lot of life insurance companies over the last few decades. This includes Jefferson Pilot, Alexander Hamilton Life, Connecticut General Life Insurance, CHUBB, First Penn-Pacific Life, Aetna – ING Life & Anuity, Guarantee Life, Kentucky Central Life Insurance and Lincoln National.
Lincoln will extend the same conversion privileges on Jefferson Pilot business.
For the other companies listed above, for the most part it’s the same as Lincoln with various differences of minimum face amounts and when the conversion period expires. It’s dependent on the specific product.
We have a 49 page spreadsheet detailing everything. If you have one of those policies, having the product/plan name – we can advise you on your options. If you have your policy number, even better.
Lincoln Term Conversion Next Steps
At TermLifeConversion.com, we convert term life insurance policies into permanent ones all the time. It’s an art – balancing budget and designs of new permanent plans. The trick is knowing all your options to begin with which I hope we demonstrated in this article.
If you’re considering converting your Lincoln term life insurance policy into a permanent one, complete the form on this page OR call us at the number on the top right of this page. We’d be happy to go research and send you all your options.
After we figure out the best options within your budget, it’s as simple as facilitating the proper documents which we’ll complete for you over the phone and just send to you for your signatures. There’s no exams or health questions – it’s simply paperwork.
There is no cost to using our service. We’re paid by the life insurance company when we complete a conversion, so you have nothing to lose and everything to gain by leveraging our experience in converting term life insurance policies to permanent ones.
