Term Insurance with conversion option
Protection provided by life insurance, without the possibility of accumulating money that a permanent plan provides, but with the option of preserving your insurability by having the option to convert your policy to permanent insurance with accumulation of money later on.
With a level premium (contribution), which means that during the period of the established term, your premiums will remain the same. You choose the nominal amount of the policy and the length of the term that meets your insurance needs. At the end of the level fixed term period you have chosen, the policy will renew each year and coverage will end at age 95. Premiums after the leveled fixed term period will increase annually due to your age and current financial conditions. Guaranteed term insurance offers periods of 10, 15, 20 and 30 years.
You want life insurance, but you don't need the ability to accumulate cash that a permanent plan provides.
Your need is critical, but only for a specific period of time.
You want to minimize costs while maximizing protection
You want to keep your insurability to make it permanent insurance later.
Conversion to a permanent policy
If you find that permanent protection is necessary or want to build cash value, the term policy can be converted to any individual permanent life insurance policy. The converted policy will use the same underwriting basis and will be issued at an equivalent rate class.
The conversion option will expire on the policy anniversary at the end of the leveled premium term period or on the policy anniversary after the insured reaches age 65, whichever occurs first. However, the conversion period will never be less than 5 years.
May qualify for a credit conversion for the new policy
Conversion credits
A premium conversion credit will be provided for the new permanent policy equal to 100% of the annual premium for a guaranteed term policy for conversions made from the second through fifth policy years.
Conversions made during the first policy year will receive a prorated premium credit.
Conversion credit is available only on conversions to permanent products.
Schedule your consultation.
Fill out the form, and schedule your complementary consultation. So you start working with your financial protection as soon as possible.