Will you outlive your life insurance coverage?
Term life insurance doesn’t last a lifetime.
Your term life insurance policy will provide dependable coverage for the
term you selected. But what happens afterward? Some policies end on a specific
date. Others continue but the premiums may increase or the protection may
decrease. But one thing is certain: When your life insurance expires, you
and your loved ones might be vulnerable.
Now you can keep your term life coverage by converting it.
Fortunately, it’s possible to convert your term life insurance to permanent
coverage. And it’s easy too. Your policy has a conversion option allowing
you to convert to a permanent policy with no hassle and no medical exam, even
if your health has declined.1 This represents an important benefit, and could
mean significant savings for you. Some permanent policies will cover you all
the way to age 100 and beyond. And best of all, making the conversion
is free.
How do you know if converting from term to permanent is right for you?
It’s smart to evaluate your insurance coverage periodically. Things
change, after all. Has your family grown? Did you buy a home or start a business?
Has your marital status changed? Major life events are a good time to review
your policy. It might make sense to add years to your existing term life policy
or to convert it to permanent. Our friendly, professional agents can provide
information to help you determine what makes sense for you.
Converting may offer financial benefits
Converting to permanent insurance can provide financial advantages. Your
permanent policy has the potential to accumulate cash value that you could
access through policy loans. The money earned is tax-deferred, which means
that while it remains in the policy, you don’t pay taxes on it. And
your loved ones don’t pay any income taxes on any death benefits.
As with other life insurance policies, premiums go up as you get older. So
if you are considering converting from term to permanent, you might save more
money by converting sooner than later.
Making the change is free and easy
Simply call one of our licensed agents and ask about converting from term
life to permanent life. You can choose to convert all or just a portion of
your coverage. And it costs nothing to convert. But hurry, because the option
to convert does expire. Call toll-free 800-914-8376 and learn how
to convert your term life to the insurance of a lifetime!
