Convertible term life insurance is a policy that you can convert to a permanent life policy at a later date without having to pass a medical screening exam. If you are looking to buy life insurance but think that the financial needs of both you and your loved ones will change in time, then a convertible term life insurance policy could offer you maximum flexibility and cost effective rates. It is important to note that a term life insurance will provide coverage for a specific time period. You would pay the premiums and money will be paid to your beneficiaries if you pass away within that period. The permanent life insurance is a more costly option and it will cover your whole life and allow you to accumulate tax-free savings. With the convertible term life, you could buy it now and then convert to a permanent policy in the future. As with every life insurance policy, converting term life insurance premiums will be based on your age. This form of life insurance is especially suited for people under forty who have children. It allows lower premiums to be paid whilst the children are young and ensures that they are taken care of in the event of death. As long as they are independent financially you can convert term to whole life and accumulate savings for your retirement and any other goal.
Benefits of Convertible Term Life Insurance:
This insurance will provide protection for you and your family when it is needed the most. For example, you could get a cheaper term life policy to save money if you on the younger side and don’t have plenty additional income to buy a whole life insurance policy. A convertible term life insurance policy will allow you to convert to a permanent policy later on. As you get older and needs assurance that your family will be taken care of, you could do the conversion. This can be done easily once the policy conditions are maintained and the payments are made on time. You won’t have to undergo any additional or new screening at the time of converting term life insurance policy, regardless of your medical condition. Another benefit is that this policy can be obtained at a low cost now and then have the option to convert term to whole life later as your financial resources and insurance needs change.
The life insurance premium depends on a lot of different factors and you can read here about it.
There are often two kinds of term life insurance available, the renewable and convertible term life insurance policies. The conversion and renewability are the distinguishing features. The convertible term life allows the swapping of term policy up to a certain age for a permanent policy. The renewable term life will renew automatically when the term ends. This renewal might be subjected to higher premiums.
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