Can I convert my Adjustable Life Insurance policy to Term Insurance?
Can I convert my Adjustable Life Insurance policy to Term Insurance?
I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.
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3 Responses
1.31.2010
You can't convert any life insurance policies that builds cash value into a term policy. Term insurance does not build cash value.My suggestion is buy the 20 year term and wait until the policy is issued to you. Then either cancel the Adjustable Life Insurance OR do a 1035 exchange into a variable annuity. Try this site to find the best life insurance policyhttp://best-life-insurance-usa.blogspot.com/Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.
1.31.2010
No. You can't convert permanent insurance to term insurance. It goes the other way around. You're best bet is to work with an independent agent to shop around and find you the best policy for what you are looking for. Then apply for the new policy. Make sure to keep your current policy until the new one is put in place so as to not have a lapse in coverage. If you need help with this just ask. Please let me know if you have any questions. Source(s): http://www.evolutionofwealth.com
1.31.2010
Nope, not convertable.