Term life insurance is temporary, but it doesn’t have to stay that way. Most term life policies sold today can be converted to permanent whole life insurance, which will provide coverage until you die and can offer additional significant advantages.
When you convert from term life to permanent, you won’t have to answer questions about your health or undergo a medical exam. If you bought a policy when you were in excellent health but then later got sick, you’ll maintain the health rating you had when you purchased coverage.
If you’re relatively young, the conversion feature also allows you to build your life insurance investment gradually as money becomes available. More and more people are using this strategy to accumulate a life insurance nest egg for their beneficiary(ies). For instance, you might convert $100,000 of a $1 million term life policy to permanent life every few years so you gradually move from a policy with no cash value to a policy that accumulates cash value and may pay dividends.
Things to be aware of:
I can provide personal service and am happy to demonstrate how you can get started with term life insurance or develop a conversion strategy to play an essential role in providing financial security for your family.
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