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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Tips to Convert Term Life Insurance to Permanent Insurance
Life insurance can be either temporary or permanent. Some insurance policies offer tax savings that can complement a retirement plan. In addition, long-term insurance The Jordan Insurance Group, MD, Life Insuranceis good for a lifetime with premiums that are guaranteed. If you choose correctly, a permanent life insurance plan can provide choices to meet your needs. When making a review of your insurance needs, you may see a reason to make a decision convert term life insurance to permanent life insurance. Policyholders often begin with a term policy to address their short-term needs since this type of policy also requires a lower cost. Later, a policyholder can change to permanent life insurance so that there is no need to keep on renewing. The best time to change to permanent life insurance is when you are young. Since your health may decline as you get older, it may cost more to get a new insurance policy. In some cases, the company may refuse to cover you. If you plan to change to a permanent life insurance, make sure to plan ahead. There are at least a couple of ways to make this change. One step is to make sure to get a life insurance policy that is convertible to a permanent one. It may cost more, but will give you flexibility to convert without a medical exam. Some medical insurance policies allow you to change or convert and have an option to have it converted automatically when you leave the company. This type of policy has no medical exam requirement as well. Remember that not all policies work the same way. When your insurance agent tells you that a policy is convertible, make sure you ask what policy you can convert to. It is also a good idea to ask about the time when you can convert to permanent life insurance. Take time to review your insurance coverage with your insurance agent. Remember that it is worth it to have a convertible policy, but it may cost more.
William Jordan
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