Life Insurance Basics
What is a term life insurance conversion?
A term life insurance conversion is the process of converting a term policy to a permanent policy using the conversion privilege. You do not need to take a medical exam or answer health questions. The premium for the permanent policy is based on your age at the time of conversion, not your health.
Key Points
- Term conversion: convert term to permanent without medical exam
- No health questions required
- Premium based on age at conversion, not health
- Valuable if your health has declined since you purchased the term policy
- An independent agent can help you evaluate whether to convert your term policy