external-term-life-insurance-conversionOne of the best benefits of owning term life insurance from a reputable company is the built in term conversion rider. The right to convert your term life insurance policy to a permanent policy without evidence of insurability is one of the best values in the industry.

Even better new of late is if you are considering converting to a permanent policy, your options aren’t just the company you are insured with now. Now more recently life insurance companies are allowing conversions to permanent policies from other life insurance companies to increase revenues.

The big name companies like, Transamerica, MetLife, Ohio National, and a few others are all taking conversion applications from other companies. Every company has different requirements and restrictions, which is another great reason to use an independent knowledgeable broker like me! And the reality is most brokers are as savvy or experienced to even know these options are avail.

Usually the only product available to convert a term to is universal life insurance, which for permanent planning is the best option. I always advise my clients to review underwriting and confirm that shopping for new coverage with new carrier isnt a better solution, with the back up plan being the conversion whether internal or external.

If you have a term policy and want help looking at your conversion options please give me a call or fill out a request for more info. You and I can compare all the options and consider your budget to insure we find you the best term life conversion, whether internal or an external term conversion.