Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Is your term life insurance coverage coming to an end? Have you had a serious change in your health that may disqualify you from purchasing new life insurance coverage?

Don’t stress out just yet, your life insurance policy may have a special feature called term life insurance conversion.

A term life insurance conversion is a policy feature that allows the insured to convert their original term life insurance policy to permanent life insurance such as universal life or even whole life insurance.

Term life insurance conversion is a no health questions asked guaranteed approval, regardless of your past or present health status.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

What Would Trigger a Life Insurance Conversion?

There are a few reasons that would trigger the need to convert your existing life insurance to permanent life insurance coverage. Typically, the main reason for a life insurance conversion is a significant change in your health.

EXAMPLE:

Your 10-year term life insurance policy is coming to an end. During the 9th year of the level premium period of your term life insurance policy, you suffered from a stroke. In most cases, qualifying for new term life insurance coverage will not be an option due to your high risk to the life insurance company.

The option to exercise a term life insurance conversion is not always triggered by a decline in health. Another common trigger is the need for permanent life insurance coverage rather than term insurance. As life changes, so do the need for larger amounts of life insurance coverage.

A term life insurance conversion is a great way to transition from a term life insurance to a permanent life insurance policy. By exercising your option for a term life insurance, you can reduce your policy’s death benefit as well as avoid any lengthy underwriting times.

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When Should You Consider a Term Life Insurance Conversion?

Just like any type of life insurance coverage, the premium goes up the longer you wait. If your health or life insurance needs have changed it is best to review your conversion options.

Term life insurance conversion will cost more than traditional medical underwriting. You can save more money by converting when policy needs have changed rather than waiting at the very end of your term life insurance policy.

Are all Term Life Insurance Conversions the Same?

The one common factor of term life insurance conversion is that it is the changing of your life insurance from term to permanent life insurance coverage. Life insurance conversion requires no evidence of insurability and guaranteed regardless of past or present health.

Every life insurance company, however, will have its own set of eligibility rules and type policies that you may convert to. Some life insurance companies have specifically designed conversion policies while others allow you to convert to their regular permanent life insurance policies.

IMPORTANT NOTE:
Life insurance conversions have maximum age limitations that can range from 60-75. It is very important to know what your maximum age is to convert your life insurance coverage. Contact us below for assistance.

An Alternative to a Term Life Insurance Conversion

If your term life insurance coverage is coming to an end and the need for permanent life insurance coverage is not required, you should be able to continue paying as an annual renewable term life insurance policy.

Your premium after the end of the initial term length will be significantly higher than what you had been paying prior to level premium years expiring and the rate will continue to increase each year.

A second option to consider is renewing your term life insurance coverage through medical underwriting. All life insurance companies underwrite high-risk health conditions differently.

If you have a high-risk health condition and need help finding affordable coverage or even help to convert your existing life insurance coverage please reach out to us.

Simply contact us below with details to your coverage needs as well as information regarding any past or current health conditions.

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How do you Convert Your Life Insurance Policy?

Top Quote Life Insurance can help assist you with your term life insurance conversion. As an independent life insurance agency, we work with a wide variety of life insurance companies to make the conversion process a breeze, even if we are not the original agent for your current life insurance policy.

If you would like Top Quote Life Insurance to help assist you with your life insurance conversion or would like to know what kind of life insurance conversion privilege you have on your existing policy, here is what we need to get started:

Policy Details

The first step in the conversion process is collecting the basic policy information on your current life insurance policy. The easiest way to do this is for you to sign a letter allowing the life insurance company to send us a policy summary on your coverage. The policy summary will provide us with the basic details of your policy, such as the policy date, death benefit amount, premium, etc.

Product & Illustration

Once we have received the details on your current life insurance policy, the next step will be for us to review the conversion products offered by the life insurance company. Once we have narrowed down the conversion product, we will put together an illustration outlining the details and cost of the life insurance conversion coverage, as well as make any final changes if needed.

Application

After we have narrowed down the life insurance product and finalized the illustration, the next step will be to complete the life insurance conversion application. The conversion application, for most life insurance companies, is generally one page long, it is quick and simple.

Approval

In most cases, after we have submitted the application to the life insurance company, it should take no longer than 8-10 days before the conversion policy is issued and approved.

Top Quote Life Insurance makes the life insurance conversion process simple and easy.

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