Term Life Insurance Conversion to Whole Life Insurance?

Can I convert my term life insurance policy into a permanent life insurance plan?

Yes, if you have a convertible term life insurance policy it offers the option to convert your coverage to permanent life insurance, if requested by a specific date stated in your life insurance contract.

In order to convert your coverage you will need to contact your life insurance company (or agent) and request in writing the conversion of your life insurance policy to permanent coverage.

The premium you pay for your permanent coverage will be much higher than you paid for temporary (term) life insurance, and will be based on your age at time of conversion.

Learn more about converting term life to whole life.

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.

Get a free life insurance quote.