Convertible Term Life Insurance

Strictly speaking, traditional term life insurance offers only temporary financial protection, or coverage for as long as the term lasts with no other options. However, most term life policies nowadays offer what is called a conversion option, the distinguishing feature of convertible term life insurance. This option allows the insured to convert temporary life insurance coverage into permanent protection at any time without having to fulfill any additional underwriting requirements. Read on to find out why convertible term insurance is the best way to keep your coverage options open in the future.

Basics of Convertible Term Insurance

When you request free quotes on term life through our site, you will see that many of the policies have a convertibility feature. This feature essentially allows you to switch the coverage from term life to whole life coverage at any point during the life of the policy. You can do so without going through the typical underwriting requirements associated with purchasing a whole life policy. In other words, no additional physical exams, tests, or medical histories will be required to activate the conversion option. With most convertible term life insurance policies, this option remains in force for the duration of the policy's term.

Why Convertibility Matters

The average consumer purchasing his/her first life insurance policy typically does not have an abundance of money to spend on coverage. For this reason, most shoppers opt for term life, the more economical alternative to whole life coverage. When you choose a convertible term life insurance policy, however, you get the best of both worlds. You will still enjoy the affordable premiums you would with any term life policy, but you will leave yourself the option of purchasing a whole life policy at any point in the future. This option may also serve you well if you are not sure whether term or whole life is right for you at the moment.

What You'll Pay

Unless you decide to exercise the convertibility option on your policy, you will continue to pay traditional term life premiums, which typically rise with age. If at some point you decide to take advantage of your convertible term life insurance option, you will then begin paying the term premiums appropriate for your age, gender, and other characteristics. The difference is, these premiums will remain constant for the rest of your life once you exercise your convertibility feature. You will not have to provide any further evidence of insurability, but you can lock in your convertible term insurance premiums for the rest of your life by converting to whole life.

Of course, the most accurate way to determine what you will pay for convertible term life is to request free quotes through our field at the top. See what kind of premiums our vendors can offer you on a convertible term life insurance policy by inputting your information now.