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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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
Solution Snapshot
Permanent + Term Coverage
Using discounted dollars for future estate tax liability
Solution Snapshot
Term Conversion
Convert term coverage to permanent coverage for long-term life insurance estate planning needs, using the existing rating of the term policy and an attained age.
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.
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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.