A different kind of
Term life insurance is usually purchased
to cover specific needs and, once inplace,
may not be top of mind again until the
policy nears the end of its term. But you
could be short-changing yourself with
this kind of "set it, and forget it" approach.
Your needs may change over time
If you have term insurance, chances are
you bought it to cover debts, such as a
mortgage or investment loan, and
protect your young family from financial
hardship in the event of your death. It
may have been the most economical
protection you could afford.
As the policy approaches maturity,
you typically have the option to renew
the term, purchase a different term, or
convert to a permanent policy. But in
most cases, you don't have to wait until
the policy runs out in order to convert.
Many term policies allow you to renew
or convert at any time before the end of
The benefits of acting early
One of the key benefits to converting is
that you may be able to do so without
having to prove your insurability. This
would be especially beneficial if you've
been ill or otherwise suspect your
premiums could rise.
Of course, whether or not to convert
your policy depends on what you bought
it to protect and what you need it to do
now. We can help you make the best
decision relative to your current situation
and your current needs.