Nov 12
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November 12, 2008
Benefits of exercising your term conversion option
Description:
If you have life insurance, you probably have a term policy. Most term policies come with a conversion option. Byron Udell, a life insurance and annuity industry expert, is here today to explain what a conversion option is, why it’s important and when you should consider exercising it.
Size: 6.66 MB
Length: 7:16
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November 13th, 2008 at 10:50 am
Many people may be unaware of the conversion option available on their term life insurance policy, but it’s one of the more important issued to consider when buying term life.
Why? Because the conversion option allows for the insured to convert the policy to lifetime coverage, which may be very important, especially if you were to become uninsurable in the future.
Also, there’s usually a specific date stated in your term life insurance policy by which time you must convert your coverage in order to take advantage of this option.