How to get the most value for all your family values.
Life insurance can flex with your circumstances.
Term life insurance is the least expensive—and most popular—form of life insurance. Whether you receive it through your job or buy a policy on your own, it offers your family basic financial protection should something happen to you. It’s less expensive because it covers you for a set “term,” a pre-specified number of years. And when it expires, or you leave your job and decide to stop paying for it, you’re no longer covered and there’s no cash value attached.
With whole life insurance, your monthly premiums may be higher, but they are locked in and building cash value, allowing you to borrow from the policy while you’re still living. Additionally, whole life insurance covers you for life, meaning your family will receive a death benefit no matter when that day may come.
Most clients have both temporary and permanent insurance needs, and carry a combination of whole life and term coverage. But if you decide to purchase only term, you may be able to convert it to a more comprehensive whole life policy at a later date. Here are some of the many benefits in converting from term to whole life:
- You won’t need to undergo another medical exam.
- You’ll eventually have access to the cash value your policy accumulates over time.
- You won’t outlive your life insurance.
- You can arrange for your outstanding debt and final expenses to be taken care of.
- If you own a business, a whole life policy’s benefit can keep your business going financially without you.
- If your children or other loved ones have special needs, you know for certain they’ll be taken care of when you’re gone.
One policy that makes the process easy is Level Premium Convertible Term. It’s a renewable, temporary life insurance policy with an affordable premium that is guaranteed to remain the same for the time period you select (anywhere from 10 to 20 years). After that, you can renew your coverage at a higher premium, without having to provide evidence of good health.
Level Premium Convertible Term is a great choice when:
- You need life insurance coverage, but have a tight budget.
- You’d like coverage for a specific, well-defined period of time.
- You want to ensure your family is financially protected without breaking the bank.
- You want to protect your business in the short term with benefits that cover expenses.
Later on, you’ll be able to convert all or part of a Level Premium Convertible Term policy into a permanent, cash value policy, such as a Custom Whole Life insurance policy.**
Want to learn more about whole life insurance policies? Read on.
Want to learn more about Level Premium Term Insurance? Read on.
Did you know life insurance is a great gift for your kids?
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