Term Conversion
A planning technique that allows the policy owner to exchange a temporary policy for a permanent policy without a new medical exam or proof of insurability.
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Advisor Guide
Insurance Discussion Prompts: Term Conversion
Insurance discussion prompts to begin a meaningful client conversation about term conversions.
Advisor Guide
Insurance Discussion Prompts: Policy Audit
Insurance discussion prompts to begin a meaningful client conversation about policy audits.
Solution Snapshot
Conserving Insurability
Convert $1.5M term policy at quarterly premiums to a permanent policy to lock in insurability then complete full underwriting to gap or replace existing permanent coverage for $5M total for estate planning
Candidates
Solutions are not one size fits all. For every planning technique, there are determining factors that illustrate whether the technique will fit the planning for an individual, family, business, or non-profit organization. Outlined below are ideal candidates who might benefit from exploring Term Conversion solutions.
Wealth and Legacy Insights from our Team
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Frequently Asked Questions
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A term conversion is a contractual privilege that allows the exchange of all or part of a current convertible term life insurance policy for a permanent policy, such as whole or universal life. This process occurs without the need for a new medical exam or proof of insurability. The new permanent policy effectively replaces any portion of the term policy that is converted.