Yes, as long as you’ve purchased a convertible term life insurance policy. Keep in mind that convertible term life insurance usually has a conversion deadline, which is the date by which you must convert. And when you do convert your policy, you can expect your premiums to increase as you’ll have permanent and not term insurance. The new premiums will be based on your age; this may be either your current age or the age at the time you took out the policy (an original date conversion). If you convert to your original age, you’ll have to pay all back premiums and interest when you convert. The good news is that you won’t have to prove your insurability (e.g., through medical exams) at the time of conversion.
If you have questions or need assistance, contact the experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
