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 ...

Full Bio →

Written by

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...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 3, 2021

Advertiser Disclosure

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.

Facts You Should Know

  • Convertible term life insurance allows you to convert your term life insurance policy to a permanent policy
  • It doesn’t cost anything to convert your policy, but your rates will be higher after converting to a permanent policy
  • Some life insurance companies may limit your permanent life insurance options to whole life insurance

Finding affordable life insurance companies that offer term life conversion is important if you ever decide you want to continue your coverage after your term policy ends.

So what exactly is term life insurance conversion and why do I need it? And what companies offer the best convertible term life insurance?

Keep reading to find out everything you need to know before you buy life insurance from companies that offer term life conversion.

Looking for the best rates from life insurance companies that offer term life conversion? Enter your ZIP code above to compare quotes from the top companies in your area.

Which companies offer the best convertible term life insurance?

Convertible term life insurance allows you to be able to convert a term life insurance policy into a permanent life insurance policy before your term expires.

This means that you can continue to have coverage without having to buy a new policy or retake a medical exam.

Some of the best term life insurance companies include:

  • Transamerica
  • Haven Life
  • New York Life

Finding a reputable life insurance company that offers the best term life insurance options is important in making sure you get the coverage you need.

Transamerica

Transamerica is one of the best term life insurance companies with affordable rates and multiple rider options available.

Transamerica also has policy options available for smokers and individuals who aren’t in perfect health, so even if you’ve been denied life insurance previously due to your medical exam, you may be able to find coverage.

With life insurance from Transamerica, you can convert your term policy to a permanent policy up until the age of 70-75.

Haven Life

Haven Life offers level term life insurance policies with quick online applications.

The term life insurance offered by Haven Life includes a type of policy called Haven Simple which offers coverage that you won’t need to take a medical exam to qualify for.

Similar to Transamerica, this option can also make it easier for people with health conditions to find coverage.

New York Life

New York Life offers very flexible term life insurance policies with a long list of riders available.

With term life insurance from New York Life, you can adjust your payments so your rates are set for a period of time and won’t increase. You can also pay lower rates initially and gradually increase the amount every year.

All of this makes New York Life a good choice for people who want lower rates and more flexibility with payments.

Your one-stop online guide for life insurance quotes. Get free quotes now!

 Secured with SHA-256 Encryption

What are the convertible term life insurance pros and cons?

Convertible term life insurance policies offer a safety net if you ever decide to continue having coverage after your current policy ends.

Instead of having to buy a new policy and retake a medical exam, you can easily convert your term life policy to a whole life policy and continue your coverage.

However, although convertible term life insurance can be a great option for many people, there are some downsides.

While it doesn’t cost anything to convert your policy, convertible term life insurance rates can be more expensive than standard term life insurance since you’re reserving the right to convert to a permanent policy later.

It’s good to have a safety net in case you ever decide you want a permanent policy in the future, it may not be worth paying higher rates if you’ll only need coverage for a short period of time.

You can choose to shop with life insurance companies that don’t offer term life conversion flexibility, but if you want conversion options in the future, be aware that some companies only allow you to convert to whole life instead of letting you choose between any of the available permanent life insurance options.

This is why it’s important to shop around for the right policy before you buy convertible term life insurance. Enter your ZIP code below to get free quotes from life insurance companies that offer term life conversion.