Converting Term to Whole Life

 While we are raising our families or growing our businesses we usually purchase large amounts of low cost term insurance to cover our needs.

Eventually this low cost term insurance starts to become expensive and other options should be considered. If you are unable to qualify for a new permanent insurance policy don’t worry, your safety net is the conversion option in your existing policy.

3+ Reasons in Converting Term to Whole Life

  • A change in your health – you are no longer able to qualify for life insurance or you have received a sub-standard rating.
  • You’re older and interested in covering your retirement years. You may want to have coverage that would take care of your spouse or partner well into retirement. Having a permanent policy in place while you do that means your significant other won’t have to worry if something happens to you before you’ve met that goal.
  • Estate Liquidity which prevents family from selling assets to meet immediate taxation consequences.  Life insurance proceeds can be used to pay estate taxes.
  • Your life insurance needs change. For some people, whole life insurance is a better choice, like those with special needs children or those who own a business. A whole life policy can ensure that business partners, if you have them, have enough money to keep operating without you. If you find yourself in one of these circumstances, converting will lock in your coverage.

Conversion options vary but usually policies are convertible up until age 65, 70, or 75. Waiting to convert will cost you more, increasing the risk of it becoming  not affordable when you may need it most. It is important not to let your option pass without full consideration.

Many term life insurance policies sold today include a conversion clause that allows you to switch to whole life but not all. So read the fine print before you buy.

Reviewing your life insurance each year is a good way to make sure you still have enough coverage – and, if you don’t, that you have time to change your mind.

Contact us for a complimentary review of your Term Life Insurance Policy or if you want to convert your term life insurance policy We Can Assist you!

Call us at 813 964 7100 

Email us at with your questions. We have been helping many families with their Life Insurance conversions and life insurance needs.

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