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Premiums stay level for stated term.  Usually 5, 10, 15, 20, 25, or 30 years.  Level death benefit.  No cash value.  Frequently used to cover short or intermediate term obligations.  One reason for recent popularity is the level premiums promote budgeting of known cost in the future.



Is life insurance convertibility important?

First, let's look at what convertibility does. Basically, it allows you to exchange your term policy for a permanent plan without having to qualify medically.

Because it's difficult to predict how your life will change over time, having a policy that is convertible is best. So to answer the question is convertibility important...absolutely! Converting your term policy to a permanent policy means never having to worry about outliving your insurance protection as long as you are able to make the required premium payments to keep the permanent policy in effect. This is an important consideration because of the risk that your health will decline increases as you age.

So when shopping around for term insurance be sure to ask about convertibility options. One day you may be thankful you did.





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Last modified: June 13, 2012