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Convertible Life Insurance
As discussed in the term life insurance section, term insurance is an attractive option when your budget is tight, but you want the protection of a life insurance policy. If you are reluctant to spend the money on a term life insurance policy now because you would rather wait and purchase permanent life insurance protection, consider the value of a convertible life insurance policy.
Throughout your life, your financial needs and abilities change – perhaps now is not the right time financially for you to purchase a permanent policy. With a convertible life insurance option, you enjoy the savings of term life premiums now, yet have the option to “convert” to a pricier permanent policy when you can afford it.
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Benefits of Convertible Life Insurance
Convertible life insurance offers you the flexibility to convert from a term policy to permanent coverage at any time without a medical exam. This allows you to easily change your policy coverage as you experience family and financial changes in your life.
This “win-win” scenario allows you to provide protection for your family, without sacrificing your finances. Initially, you will be able to provide for your family with the term policy you can afford, yet are assured that you can convert your coverage later when you have the financial means.
Drawbacks to Convertible Life Insurance
It is important to note that once the policy converts from term life insurance to a permanent policy, the higher premiums of the permanent policy will be in effect.
If you know you want to pursue a convertible life insurance policy, be sure to review the term policy completely to be sure that it has the option to convert. Not all term life policies are convertible. Obtain a free quote for an estimate of affordable term life insurance premiums.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
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