What is Convertible Term Life Insurance?
Everyone who thinks about buying life insurance has to make the decision between term life insurance and whole life insurance. Term life has lower premiums, but has coverage that's only good for a specified period of time. Whole life insurance has higher premiums, but coverage that stays in force as long as you continue to pay the premiums. Isn't there a way to get the best of both worlds? There is, with convertible term life insurance. No one's life always stays the same. As you advance in your career, or start a business, or start a family, your needs will be different than when you're getting ready to retire, or to sell your business, or when your kids are grown and gone. Convertible term life insurance gives you the ability to change the type of life insurance you own when your circumstances call for it. Convertible term life insurance gives you the ability to take your existing term life policy and change it into a permanent life insurance policy. So as your finances change, and your need for insurance coverage changes, your policy can change right along with them. Most people buy term life insurance because their need for coverage is much greater than their ability to pay for it. Term life lets you buy a large amount of insurance for the lowest possible premiums. But as time goes by, you may find that you don't need the large amount of coverage any longer. When your children are through school and on their own, for example, or when your home is paid for, it may be time to reduce the amount of insurance you have and to think about a permanent life insurance policy instead. Convertible term life insurance lets you do just that. The alternative to buying a convertible term policy is buying a term policy without the conversion option, and then, at some point in the future, letting the term policy lapse while buying a whole life policy instead. But a whole life policy will naturally be more expensive, and if you've had any changes in your health status, you may not be able to purchase a policy at all, or may have to pay much higher premiums because you are a greater risk. Buying a convertible term life policy makes all of those issues go away. At BeamaLife we're experts in finding just the right type of life insurance coverage for your specific needs, now and in the future. We've created our own technology and partnered with 100 of the top insurance companies to find you the best life insurance rates and coverage you need at the price you want to pay. Contact one of our sales specialists at (866) 972-3262 or complete life insurance quotes request now