4 Reasons to Convert Term Life to Whole Life Term life insurance is a smart option for financially protecting your loved ones, especially if you’re just starting out. But as you get older and your life changes, so do your needs. One of the easiest ways to extend your insurance coverage to match your evolving needs is by converting your term life policy to a whole life policy. Check out these four reasons you should consider making the switch: "It’s like turning a starter policy into permanent coverage." 1. You now may be able to have whole life coverage Perhaps term life insurance was a more economical option when you first bought life insurance, but if you’re making more money now, it...
Continue reading...
Term plans provide individuals with life cover for a specific period or term. Regular term plans offer life cover and little to no maturity benefits if the insured outlives the plan. Over time, the term plan has evolved to make it even more appealing to customers. Today, many people opt for a convertible term plan instead of a regular one. Let’s take a look at how these term plans function. What Is a Convertible Term Plan? A convertible term plan allows the policyholder to turn the term plan into a life-long life cover policy. Regular term plans only offer life cover for a specified period. Let’s say you purchase a policy for 40 years when you are 30. The policy will expire when you turn 70...
Continue reading...
Смотреть что такое "convertible term life insurance" в других словарях: Term life insurance — or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client… … Wikipedia convertible-term insurance — A life insurance policy providing cover for a given period but which may be converted to eg a whole life policy at some time during this period at favourable terms • • • Main Entry: ↑convert … Useful english dictionary convertible term insurance — Term insurance with a conversion privilege under which the...
Continue reading...
Renewable & Convertible Term Life Insurance Protecting your family in the event of your death doesn’t have to break your budget. We offer a Renewable and Convertible Term life insurance policy that is customizable and affordable to meet your needs in any stage of life. Are you worried what would happen if you were to suddenly become disabled? This product features an optional Waiver of Premium rider that will allow you to keep your policy in force in the event you are totally disabled and unable to afford the premium. Key Features* Level premium for an initial level period Multiple payment options Renewable to age 98, convertible to a whole life policy to age 75 Optional riders...
Continue reading...
Upgrade your protection. Keep your loved ones safe, now and into the future. Term life insurance plays an important role in protecting your loved ones during a critical period of time. But what happens when your needs extend well into the future? At New York Life, you can convert your term insurance to permanent or long-term protection without a medical exam, so you can be sure your life insurance coverage will continue to meet your evolving needs. When you convert your term life insurance, you’ll do more than just extend your coverage—you’ll also gain a flexible financial asset. It can build cash value, which you may access for college funding, a down payment on a house, extra income for...
Continue reading...
Guaranteed Level Term Do you have a client that thrives on consistency? In an ever-changing world, clients are looking for affordable coverage that stays affordable. Our term life coverage offers guaranteed level premiums, ensuring your client’s payments remain the same throughout the term of their policy. With set premiums, your clients can plan ahead with confidence knowing exactly what their payment will be and trust that it will never increase during the level term period. Affordable Term Policies One of the most important choices for your client is which policy will give them the coverage they need at a cost they can afford. We focus on offering affordable pricing, making shifts...
Continue reading...
Life insurance explained Life Insurance is a financial product that could mean your loved ones receive a sum of money if you were to pass away while covered by the policy. In broad brushstrokes, there are two main types of life insurance you need to know about: term life insurance and whole of life insurance. Later, we'll look at different types of life insurance within those definitions, but lets start with the big two: Term life insurance As a rule of thumb, term life insurance provides financial cover against death for a set period. As the applicant, you choose how much cover you need, and the duration of the policy length, which may cover the length of a mortgage, or other life...
Continue reading...
What Is Convertible Term Life Insurance? Over time, your financial obligations change, and your insurance needs may differ as a result. Convertible term life lets you easily change your insurance coverage in the future so that it can continue to meet your needs. Choosing convertible term life insurance has many advantages, but this type of insurance isn't ideal for everyone. By getting to know the features of convertible life, you can make an informed decision when shopping for insurance. What Is Convertible Term Life Insurance? To understand what convertible term life insurance is, you first need to know the two basic categories of life insurance: Term policies last for a set time period...
Continue reading...
LinkedIn with Background Convertible term is a form of life insurance that allows you to exchange it for permanent life insurance without going through the insurance company’s underwriting process. Learn more about convertible term life insurance, including how it works and whether it might be a good life insurance choice for you. Definition and Examples of Convertible Term Life Insurance Life insurance policies take two basic forms, either term insurance or permanent life insurance. Permanent life insurance is designed to last a lifetime, no matter how long you live. Term policies are designed to last only a certain number of years, usually anywhere from 5 to 30 years or more. All...
Continue reading...
A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' Can I get money back if I cancel or outlive my term life insurance? If you outlive or cancel your term life policy you don't get money back. Violeta Stoimenova/Getty Images Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. If you cancel or outlive your term life insurance policy, you don't get money back. However, if you have a "return of...
Continue reading...
