Converting a Term Life Insurance Policy to a Permanent Policy

If you decide you want lifetime life insurance coverage, some term life policies allow you to convert your term life insurance into a permanent policy without a medical exam.

Making the decision to convert may save you money versus purchasing a new life insurance policy at the end of your term.

Permanent life insurance builds cash value inside the policy so you can borrow or withdraw this money if you need it.

However, taking a loan or withdrawal from your permanent policy will require repayment of the loan, or it may impact your death benefit.

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