Convertible term life insurance is designed to go from a temporary life insurance solution to a permanent lifetime period of coverage. Convertible term life insurance is an important type of life insurance because it can indefinitely extend the time period of a term life insurance policy. Simply stated, the convertible term life insurance converts into a new permanent life insurance policy upon your request.
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You don’t have to re-qualify to go from term life insurance to permanent life insurance. A convertible term life insurance policy has:
All you need to do is choose your new life insurance plan.
Permanent life insurance can do a few things that term life insurance cannot.
1.Permanent life insurance can provide life insurance coverage for your entire lifetime.
2.Permanent life insurance has the potential to accumulate cash value. In the case of whole life insurance, the cash value accumulation is guaranteed.
3.Premiums for permanent life insurance may be increased or decreased, within limits. The premium flexibility of permanent life insurance can help you adapt to changes in your budget.
Adjusting the premiums of permanent life insurance allows you to decrease the amount of premiums you pay when needed even allowing you to pause paying premiums altogether depending on the policy’s cash value, while enabling you to keep active, the life insurance coverage you need.
Premiums for permanent life insurance may also be increased for the opportunity to build greater cash value than what is otherwise possible with a schedule of planned premium payments.
4.Permanent life insurance has a death benefit that can be adjusted to fit your needs.
Increase or Decrease Life Insurance Policy Death Benefit
Decreasing the death benefit of a permanent life insurance policy can help lower your premium cost. Note, that lowering the death benefit of a permanent life insurance policy, especially during the early years of the policy can adversely affect the life insurance policy so make sure to first check with the life insurance company and a life insurance professional before making such a change to your policy. Remember, we are here to help you with your life insurance policy needs.
Increasing the death benefit of your permanent life insurance policy allows you to match your increased need for protection with increases in the policy’s death benefit. Permanent life insurance policy death benefits may be increase by requesting the increase with the life insurance company. Depending on the amount of the requested death benefit increase, you may need to provide evidence of good health. Smaller increases in death benefits may not require evidence of good health.
Another way to increase the death benefit of a permanent life insurance policy is through the build-up of cash values. As cash values increase, the amount of death benefit increases according to policy guidelines. This type of increase in death benefit does not require evidence of good health, only the ability to add additional premium to the policy. As a result, any extra cash value is available for your use.
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