Buy convertible term life insurance if you have a long term need.
How do you determine long term needs? If you have loved ones who depend on you financially you have a long term need.
You need life insurance coverage for a long period of time. If you have a business you have a long term need.
Let us be more specific.
Term life insurance is limited in that these policies do not last forever. The premiums are much lower than those of permanent policies and that is why many people buy these policies.
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It is a good idea, however, to get approved for a convertible term policy if you plan on owning life insurance for any extended period of time.
Some term policies are renewable up until age 95 without any evidence of insure-ability. This is very rare, however. In other situations it is wise to buy a term policy that you can convert at some time in the future. Why?
The reason most people
buy life insurance
is to protect the family.
Because both parents tend to work in this present day society the
children are the main concern.
We should, however, consider that after the children are out of school and on their own there may still be some need for life insurance.
If the time that you are allowed to keep your term policy expires
you will have no coverage to protect your spouse.
If you have a policy that is renewable up until age 95 you will do fine otherwise you should have a policy that you can convert to permanent insurance.
If you buy your life insurance to fund a buy sell agreement in a business partnership or a corporation you may need convertible term.
If you use term insurance to protect your business in case of the death of a key employee you should also consider convertible term.
You intend to be in business for a long time, don't you? You therefore need to look far ahead with your
life insurance policy.
You therefore should look at a policy that is renewable up until age 95 without evidence of insure-ability or you should get a convertible term life insurance policy.
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