Term Conversion
The conversion option on an in force term policy or rider is an important benefit that allows policy owners to convert to a permanent policy, without additional underwriting. The new permanent policy can provide clients the security of lifelong protection and the potential to build cash value.
Permanent life insurance has different fees and charges than term life insurance so premiums could be higher for the same amount of coverage. Fluctuations in interest rates and/or policy charges may require the payment of additional premiums to keep the policy in force.