Speak with an experienced advisor! Who Is Protective Life
Protective Life has been around for over 100 years and currently has a focus on life insurance as well as specialty insurance and investment products.
They paid their first death claim in 1909, they have over $427 Billion of coverage in force and are Rated A+ (Superior) by A.M. Best for financial strength.
Longevity and Financial Strength are key when it comes to any life insurance company, you want to make sure that you invest in a company that is going to be around for the long haul.
Protective is one of the best companies you can complete a term conversion through and will be their financially to pay a claim if need be.
What Is Term Life Conversion
A Term life conversion in its purest form is taking your term policy and converting it into either a universal life product or a whole life product.
When you buy a term life insurance policy, you are mostly looking at the monthly premium and the term length.
These periods usually go from 5 years up to 30 years depending on the company.
However, these policies will eventually end, and you will have to either renew them, let them lapse, or convert them.
Of the 3 options, in my opinion, conversion is always the best option if you have a medical condition that may prevent you from getting coverage at a later time.
You can do this conversion without having to take any type of exams or prove insurability as long as you convert the policy before the conversion expiration period.
Protective Life Products & Conversion Options
Classic Choice Term
This is one of the most direct and affordable life insurance protection options offered by Protective Life.
Like most term products it has a guaranteed death benefit as well as guaranteed level premiums for the life of the policy.
The term options are 10, 15, 20, 25 and 30 years.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
Conversion Period
The term conversion rights for the Classic Choice Term product expire by the insured’s 70th birthday or two years before the level term period ends, whichever comes first.
For Example:
If you have a 15 year term policy and you are currently 55, you will have to convert the policy within 13 years (two years before the term is up) at the age of 68.
If you have a 15 year term policy and you are currently 65, you will have to convert the policy by the age of 69 so that you don’t miss the 70th birthday cutoff.
Classic Choice Term Conversion Options
Once you have decided to convert your policy, you have a few different product options available that you can choose from:
During the first 1 – 5 years you will be able to convert your policy to the below products:
- Protective Advantage Choice UL
- Protective ProClassic Legacy UL
- Protective ProClassic II UL
- Protective Indexed Choice UL
- Protective Non-Par Whole Life
- Protective Investors Choice VUL
- Protective Strategic Objectives VUL
After 5 years you can convert your policy to the below products:
- Protective ProClassic Legacy UL
- Protective Non-Par Whole Life
Additional Conversion Features
After the first 3 policy years, you have no limit on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.
Custom Choice UL
This product is going to offer flexible initial death benefit periods ranging from 10 years to your lifetime.
You will probably like this product if you want affordable coverage without cash-value accumulation.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
Conversion Period
The conversion rights for the Custom Choice UL product expire by the insured’s 70th birthday or within 20 years, whichever comes first.
Custom Choice UL Conversion Options
Once you have decided to convert your policy, you have a few different product options available that you can choose from:
During the first 20 policy years you will be able to convert your policy to the below products:
- Protective Advantage Choice UL
- Protective ProClassic II UL
- Protective Indexed Choice UL
- Protective Non-Par Whole Life
- Protective Investors Choice VUL
- Protective Strategic Objectives VUL
Keep in mind that you can’t do any conversions during the first policy year.
Additional Conversion Features
After the first 3 policy years, you have no limit on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.
One Year Term
This product is going to offer you the ability to have a term policy for 1 year.
You will probably like this product if you need coverage for a very short period of time.
When it comes to conversions this product is not renewable or convertible.
Conversion Period
The One Year Term Product Is Not Convertible
Survivorship Term
Usually, you purchase a survivorship term policy if you don’t need the death benefit to pay out until the second insured person passes away.
The funds are usually used to cover the cost of estate taxes and other expenses, these policies are often known as “second to die” policies.
When it comes to conversions, this product does offer term conversion credits as long as you meet the product minimum and can be converted into another survivor product.
Conversion Period
The conversion rights for the Survivorship Term product expire by the Joint insured’s age reaching 75 or an individual attained age of 85, whichever comes first.
Survivorship Term Conversion Options
Once you have decided to convert your policy, you have a few different product options available that you can choose from:
You will be able to convert your policy to the below product:
- Protective Survivor UL
Additional Conversion Features
You have no limit on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.
How To Get Started
The fastest way to get started is to contact us by phone or by using the form.
We convert policies through Protective Life all the time and there’s no charge for our service.
We have a Simple 3 Step Process:
- We get to know your situation and budget then send you rates
- If it makes sense for you, we’ll collect all the documents needed.
- Finally, we process the paperwork for you and become the agent on your new policy.
If you have been waiting to convert your policy or just wasn’t sure how the process worked go ahead and fill out the form on this page to get started or give us a call.
