If you currently hold a term life insurance policy, you may be able to convert that coverage into a permanent life policy. Common reasons for choosing to convert from term to permanent life insurance include: Permanent life insurance.
Permanent insurance has the option to build cash value. Even the best term life insurance policy does not.
The money accrued with permanent insurance is tax deferred. In other words, while the money remains in the policy, you won't pay federal income taxes on it.
Under current tax laws, your loved ones will not pay federal income taxes on any death benefits. (This is also true when you buy term life insurance.)
The life insurance
You can access the cash value of your permanent insurance.
It costs nothing to convert your term life insurance to permanent insurance.
You can often choose to convert all or just part of your term life insurance policy to permanent insurance.
Some permanent insurance policies will cover you all the way to age 100.
For more information about converting from term to permanent life insurance:
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