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Many families count on term life insurance for temporary protection that’s initially more efficient than a whole life policy. It’s typically used to cover a period in which financial security is needed most. But it’s important to remember that not all term insurance is alike. 

Term conversion or convertible term life

While term life protection is crucial, it protects your loved ones for a limited period only. Fortunately, your policy comes with an option to convert1 your term life protection to safeguard your family for life. Upgrading portions of your term life insurance over time can be an easy way to get started. If your conversion privilege is active, you can upgrade all, or some, of your coverage without additional underwriting. And you can maintain the same face amount, year after year.

The different types of term life insurance

Rather than take a one-size-fits-all approach, we can create a combination of term life policies to build a portfolio that meets your specific needs. While income replacement is a long-term priority, it’s likely that your family has some shorter-term obligations as well. 

As a result, there may be times when your family needs more protection. To find the right product, start by thinking about your needs and how long you’ll want protection to be in place. 

  • Yearly Convertible Term may be the right choice if you want protection for a short, defined period or may want to convert to a permanent policy soon. Premiums generally start out lower than those of a level premium product, but they increase each year. 
  • Level Premium Convertible Term is good if you want level premiums for 10–20 years. After the level premium period that you select ends, premiums will increase annually. 
  • Million Plus Level Term works if you need $1 million or more of protection. It’s our most competitively priced 10-year level premium product, and it may work best for someone who plans to convert within the first five policy years or does not plan to convert at all.

Term life insurance comparison chart 

Yearly Convertible Term May be good for people who:
  • Lower initial premium than other types of term life, but premiums increase annually
Conversion period varies by issue age (see comment)
  • Want our lowest initial premiums 
  • Are comfortable with premiums that increase each year 
  • Plan to convert to long-term or permanent protection within the first few years of purchasing the policy 
  • Need short-term protection or want to lock in their insurability 
  • Need a short-term component as part of a life insurance portfolio
Level Premium Convertible Term May be good for people who:
  • Level premium term protection for 10–20 years 
  • Guaranteed level premiums for the selected duration 
  • 10-year conversion privilege. Varies at issue age 66+ Option to extend the attained age conversion period even further with the Extension of Conversion Privilege Option, which is available at an additional cost.
  • Want guaranteed, level premiums for 10–20 years 
  • May want to convert to long-term protection at some point and want our most flexible conversion privilege1 
  • Need a 10 –20-year component as part of a life insurance portfolio
Million Plus Level Term May be good for people who:
  • Life insurance coverage of $1 million or more 
  • Guaranteed level premiums for 10 years 
  • Five-year conversion privilege 
  • Our lowest-cost 10-year level premium product
  • Need $1 million or more of life insurance protection 
  • Prefer a level premium for 10 years 
  • Plan to convert to long-term protection within five years, or never intend to convert1 
  • Are willing to trade a shorter conversion period for lower-cost level premiums 
  • Have experienced an increase in income or higher financial liabilities and need additional protection 
  • Need a medium-term component as part of a portfolio of life insurance

What is the best term life insurance? 

It depends on your financial goals and needs. By working with a financial professional directly, you can identify strategies to meet your family’s specific needs for the short and the long term. Together, you’ll be able to explore alternatives and select the best life insurance for you.  

Customize your term insurance coverage

Rather than take a one-size-fits-all approach, we can create a combination of term life policies to build a portfolio that meets your specific needs. Since term life insurance comes in a variety of durations— anywhere from one or 10 to 20 years—it’s easy to match your coverage to your actual needs. Plus, you can convert some of your term coverage to permanent life protection if your plans change.

The benefits of a custom policy:

  • Customize your coverage
    Build your portfolio to protect what’s most important to you—and for the length of time that’s needed.
  • Lock in an upgrade
    Lock in the ability to convert to permanent protection if your needs change over time, without additional medical exams. 
  • Term conversion provision
    Allows you to convert a term life policy into a long-term or permanent one, typically without the need to complete a medical exam.

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Want to learn more about term life insurance?

A New York Life financial professional can help determine what’s right for you.

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You’ve created the right foundation with term life insurance. If your needs have evolved and you want to build toward longer-term financial security, talk to your New York Life financial professional about how easy it is to upgrade to permanent protection and a host of living benefits.

1Conversion guidelines and limitations, such as timing, apply.