Most term insurance policies are convertible after the term on the policy has ended. A 30 Year Term Policy would be convertible into a whole life or other life insurance contract or plan. This same convertible concept applies to 10 year term, 20 year insurance or other.
Conversion life features allow people to switch to permanent insurance from temporary term policies.
Term contract plans are less expensive because the insurance policy does not cover you for your whole life. They are less expensive because of this and are easier to underwrite. If you are looking to protect your family for 10 years, 20 years or other set time, a term insurance plan can be very affordable and the right choice.
There is no cash value on a term life policy.
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Monday, September 27, 2010
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1 comments:
As the term life insurance policy is the only type that is having up the feature of converting it to whole policy at later stage and do also costs less, I wanted to buy this plan. But before making up a final decision I wanted to know if the conversion process is smooth or one has to face difficulty while doing so.
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