Understanding What It Means to Convert Your Term Life Insurance

For many people first starting their life insurance journey, term life insurance is a popular choice. Term life insurance offers temporary coverage for a fixed period of time at an affordable rate.

However, as life changes, so can your life insurance needs. With a term life insurance policy, you may have the option to convert to permanent coverage if your needs change.

Understanding the option to convert term life insurance to a permanent policy, like whole life or universal life insurance, is crucial in ensuring ongoing financial security for your loved ones.

Understanding the Conversion Option

Some companies offering term life policies with conversion options may waive the medical exam if you convert to permanent insurance before a specific deadline.

And, with some companies, if you want to keep a portion of your current term insurance, you could partially convert it without losing the remainder of your coverage.

Benefits of Converting Term Life Insurance

WoodmenLife Financial Representative Kenneth Coker in Dresden, TN, shares the benefits of converting your term life policy into a permanent policy.

“Converting your term life policy to a permanent product may offer invaluable financial security for your family,” Coker said. “It’s a smart move to protect your loved ones’ financial futures.”

The option to convert from term life insurance to a permanent product may be a good choice for people who want:

• Financial peace of mind: Converting to permanent coverage can ensure that your family will be financially protected for the long run, providing peace of mind as you navigate life’s uncertainties
• Cash value: Some permanent products offer the potential to build cash value. This serves as a valuable financial resource during times of need or unexpected expenses
• Stable premiums: Some permanent policies provide the advantage of premiums that will never increase, regardless of age or health. This stability ensures that your insurance costs remain predictable and manageable over time

WoodmenLife is committed to helping your family at every stage in life. We encourage you to review your coverage and make sure it continues to meet your family’s financial needs as they change over time.

Making an informed decision about converting from term to permanent life insurance is a significant step in ensuring ongoing financial protection and security for your loved ones.

If you currently have a term life policy with WoodmenLife, you can find out more about your option to convert term life insurance at WoodmenLife.org/Convert or by talking with your local WoodmenLife Representative.

This post provides general insurance product information. It does not contain information specific to WoodmenLife products. If you are looking for information specific to a WoodmenLife product or your existing WoodmenLife policy, please contact your local Representative.

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