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.

Term Life vs Accidental Death Insurance

How does term insurance compare to accidental death insurance coverage?

Term life and accidental death are two different types of life insurance policies.

Term insurance pays out a death benefit if you die from an accident or natural causes.

Whereas, accidental death policies only pay out a death benefit if the insured person dies as a result of an accident.

And, the insured must die usually within 3 months of the accident in order for accidental death to pay out a death benefit.

Learn more about term life versus accidental death coverage.

Can Term Life Insurance Be Renewed?

Can you renew a term life insurance policy?

Yes, many term life insurance policies are renewable, which means you may renew your term insurance for another term , usually up to 10 years.

However, some term life plans offer renewable coverage that increases your premiums each and every year after your initial rate guarantee period which may be 10, 15, 20 or 30 years.

It may be cheaper to purchase a new term life insurance policy instead of renewing your current plan.

To learn more, read this article - Can Term Life Insurance Be Renewed?

What Length of Coverage for Term Life Insurance Do I Need?

When buying term life insurance one of the most important questions to consider is how long do you need your life insurance coverage to last?

You will find this out by considering what goal you want your life insurance to accomplish, and how long it will take to accomplish you goal.

For instance, do you want to make sure your 20 year home mortgage is paid off in the event if your death?

Or, do you want to make sure your young child can go to college if you pass away unexpectedly?

The answer will help you decide the longest period of time you need life insurance, and better prepare you for selecting the proper duration for your term life insurance to last.

To learn more, read this article: What Length Term Life Insurance Do I Need?

Online Term Life Insurance without Medical Tests?

Which insurance companies offer term life insurance without any medical testing required?

There are several highly-rated life insurers that offer no test term life insurance plans online with up to $1,000,000 of coverage available for qualified applicants.

Some of the leading providers of term insurance without tests include Haven Life, Sagicor Life and Globe Life, among others.

Online term life plans offer you the option of purchasing your life insurance coverage direct online and starting your policy immediately upon approval - with no medical tests needed.

That means you may start protecting your loved ones today without the hassles and delays of a physical exam.

Although the premium may be higher than you would pay for a fully underwritten life insurance policy requiring an exam, you have the peace of mind knowing your family is protected.

Here's how to get online term insurance without medical tests today.

Life Insurance without any Medical Questions Asked?

Is it possible to purchase a life insurance policy without having to answer any questions about the condition of my health?

Yes, if you meet the age requirements for approval, you may buy life insurance without answering any questions about the condition of your health, or your health history.

These are called "Guaranteed Approval" life insurance policies, which means you cannot be turned down for coverage due to any pre-existing health issues.

Also, there's no health examination required and no health questions asked of you.

So, even if you are over 70, have been denied coverage, or you have a pre-existing health problem, you can still get insured for life insurance.

Here's how to get life insurance with no medical questions asked.

What Type of Life Insurance Do I Need for a Mortgage?

If you are considering the purchase of a new home you may be applying for a mortgage loan and wondering if you need life insurance to protect your mortgage.

Actually, no life insurance is needed for a mortgage. There are PMI (Private Mortgage Insurance) plans required if you are putting down less than 20% as a down payment on your new home. 

PMI protects the lender and pays the lender back on your mortgage loan in case you pass away before the loan is paid off.

Learn more about What type of life insurance do I need for a mortgage?