What is Convertible Term Life Insurance in Orlando Florida

August 8 2008 by visitor in Orlando Life Insurance |Comments Off

Reader’s Question:

What does it mean to have convertible term life insurance in Orlando, Florida FL?

Merlin

Orlando, FL

Hello Merlin

A convertible term life insurance means that you can convert it to any type of permanent life insurance in the future – that is if the term life insurance is at force. This is good if your needs will change in the future. For instance, it may be that you thought your kids will live you soon so you decide to convert the term life insurance into life insurance with cash value. The conversion is favorable because you don’t need to pass through any insurability requirement to get the permanent life insurance unlike if you simply buy it separately. If you buy new permanent life insurance and just leave the term life insurance to lapse, you will go through the application process and medical examination for the permanent life insurance.

You would know if your term life insurance is convertible or not through the policy itself. Or if a life insurance agent in Orlando FL approaches you and give you term life insurance proposal, better ask if it is convertible. Some term life insurance does not have this feature while others do have. If you really need this, you can search for life insurance companies in Orlando FL who offers convertible term life insurance through online or telephone inquiry.

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