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Learn more about converting your life insurance policy with SelectQuote.
There can be benefits to converting your term policy to a whole policy, but is it the right option for you? We can help you weigh your options and make sure you’re getting the coverage you need.
Can I convert my term life insurance policy to whole life insurance?
Yes, you can typically convert a term life insurance policy to a whole life insurance policy, but an additional question to consider is should you convert your term life policy to a whole life policy? In the end, it comes down to figuring out what’s best for you and your family.
Why You Might Consider Converting Your Term Life Insurance Policy to Whole Life Insurance
You may assume that you won’t need life insurance coverage after your term life policy expires, whether it’s because you’ve paid off a majority of your debt or your dependents will no longer rely on your income. However, maintaining some sort of coverage throughout your life can offer you the peace of mind that your loved ones will have the financial security they deserve. Converting your term life insurance policy makes it easy to ensure your beneficiaries are covered even when you’re gone.
How to Convert Your Term Life Insurance Policy to Whole Life Insurance
Many term life insurance policies will include a built-in conversion rider that allows you to easily make the switch to a whole life insurance policy. However, they typically only allow you to convert your policy during the specified period. The conversion period typically starts two to five years after you purchase your policy and ends either at the end of your term or when you hit a certain age. The length and dates of conversion periods will vary from company to company.
Partial Conversions
Some insurance companies may also offer partial conversions. This might be the right option if you want to extend your coverage but don’t need as large of a death benefit. Another reason you might consider a partial term conversion is if you’re interested in converting your policy but want to offset the costs and secure a more affordable whole life insurance premium.
Key Factors to Converting Life Insurance Policies
If you currently have term life insurance but think permanent coverage might be a better fit, you may want to consider converting your policy. There can be many benefits to converting your term life insurance policy to a whole life insurance policy, including:Skipping the Medical Exam – Since you already completed a medical exam for your existing term policy, there is typically no medical exam required when converting and you shouldn’t have to go through the underwriting process again. This could vary from policy to policy.Partial Conversion – If your insurance company allows it, you might be able to convert just a portion of your term policy into a whole policy.Cash Value – With a permanent life insurance policy, you have the opportunity to build a cash value alongside the death benefit.Lifetime Coverage – As the name suggests, permanent life insurance provides coverage for the rest of your life, which can be an added benefit for those looking to provide financial support to their family when they pass.
Considerations When Converting Life Insurance Policies
In addition to benefits, there are also points that should be considered when looking to convert your term life insurance policy into a whole life insurance policy:Deadline to Convert: If you’re interested in converting your term policy to a whole policy, you’ll likely need to complete it during the conversion period. The conversion period typically begins two to five years after the policy starts and stops at the end of the term or when you hit a certain age.Limited Choice of Permanent Policies: Many providers will allow you to convert a term policy into any kind of permanent policy, but there are some instances where you’ll only have the option for a whole life policy.Higher Premiums: As the cost of whole life insurance is higher than the cost of term life insurance, there is a good chance your premium will increase once you convert.
Purchasing the Right Life Insurance For You
While your reasons for needing life insurance might change over time, the process of navigating the ins and outs of your options still doesn’t have to be overwhelming. It’s our job to make sure you find the right life insurance for your needs, whether that’s term life insurance or whole life insurance. Let us help you find the right coverage for you in just minutes. Let us help you find the right coverage in just minutes.
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