Why you want convertible term insurance. Many people buy term life
insurance. Why do they do this?
Term insurance is simply cheaper than permanent life insurance, this is why. It is important to keep in mind that term insurance is temporary insurance.
Your need for life insurance coverage is permanent. Let us say you are married with two children ages 3 and 5.
You are in a good job or you own your own successful business. You know you have a need for life insurance. You want to be certain your family is protected in case you die too soon.
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You want to know that the children are covered straight through college...regardless of the profession they choose. A 25 year term policy or a 30 year term policy should do the job. But what about your spouse? Will you not need some life insurance for her protection after these children are on their own?
She has to live on too. So she has a job. The family has been living on 2 incomes. Will the loss of your income cause her any financial problems? Can she live in the house you both have lived in for the past 20 or 25 years? Surely you need some life insurance to guarantee that.
But what if you are not insurable at that time. Over the years an illness that plagued your mother or father has now got to you. You are treating it and the doctors say you may overcome it. The life insurance company is not too certain of that though.
What you need is a policy that you can convert to permanent insurance. If you buy that same term life policy but one that is convertible to permanent insurance your spouse will still be covered after your children graduate college and are on their own.
Here is how it works. The life insurance company sets a period within which you should convert your policy; you may need to convert your 25 year term policy within 14 years for example. You select the type of policy you want to exchange your term policy for, complete the form and pay the premium.
It is as simple as all that. You do not need to prove that you qualify if the conversion is done within the period set by the company. If you convert your policy after that date though you will have to qualify for the new policy.
Convertible term insurance can really be helpful in a case like this. How often do you see people who get older, they know they are ill and will likely die before their spouse. They worry themselves to death as a result.
Guarantee your insure-ability, buy convertible term life insurance.
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