The answer to this question is yes. When you are purchasing life insurance, it can be difficult to decide between term life insurance and permanent or whole life insurance. If this is where you are, you may want to consider a convertible life insurance option.

At Capretta Insurance Agency, we want Parma, OH residents to understand their options when they are purchasing life insurance. We can help you to design the best life insurance product for your needs.

How to Change from Term Life Insurance to Permanent Life Insurance

There are two ways to change from term life insurance to permanent life insurance. The first way is to keep your term life insurance until the term expires, and then purchase permanent life insurance.

The easiest way is to purchase term life insurance that is convertible. A convertible policy will convert your term life insurance into a permanent life insurance policy at the end of your term. 

How Does Convertible Life Insurance Work?

Convertible life insurance is not as complicated as it sounds. This life insurance is purchased when you purchase term life insurance. Your term life insurance will have on it a set term, for say 5, 10, or 30 years. 

When that term expires, you will have the option to renew, or convert the policy into a permanent life insurance policy.

If you don’t do that, you will need to purchase permanent life insurance. That also means you will have to undergo a medical exam again when you change your life insurance policy.

That may not sound like a big deal now. However, if you are taking another medical exam in 10 or 20 years, the medical results may be different.

Convertible life insurance is often the most affordable and convenient way to have the best of both worlds when it comes to life insurance.

Get a Quote

Capretta Insurance Agency, we want Parma, OH residents to be informed of their life insurance options. Call us for a quote today.