When it comes to life insurance, many clients today are looking for guarantees – guaranteed death benefit, guaranteed premium, even guaranteed underwriting results.
If your clients’ current term insurance policy has conversion rights, one way to get them the guarantees they are looking for is to convert that existing term policy into a permanent policy with a guaranteed death benefit and guaranteed level premium.
In a term conversion, the new permanent policy will be issued with the same health rating as the original term policy regardless of any changes in health. That means a client who is now many years older than when they bought their term policy, with a more questionable health history, could convert to a permanent policy and be guaranteed to keep the same health rating they had when they were younger and potentially healthier. Additionally, because the health rating is already guaranteed, there is no medical underwriting delay in issuing the new policy . Term conversions are issued much more quickly than other policies and involve much less paperwork.
Converting term insurance is also an important part of the conversation when you sell a new term policy to a client. Being able to convert later is a huge added benefit to the policy your client buys today, so make sure the policy you are selling has conversion options included.
Ask your clients about existing term policies they may have and give the experts at Wholehan Marketing a call discuss the right policy for your client!