All about exchanging your Term Life insurance

Go from protected to prepared when you switch from term coverage to permanent lifelong protection.

Getting your term life insurance was a major first step in helping to protect the people who depend on you. It’s valuable coverage that can keep you covered for a set period of time, until it expires. And because it’s term insurance, the initial rates are traditionally lower than they are for whole life coverage -- that makes it an attractive life insurance option for a lot of people.

Once you have coverage in place, it can be easy not to look much further than the present. But there’s greater security in planning for the future. Your term life insurance provides a valuable way to protect your family today, with the flexibility to ensure greater financial readiness for tomorrow. It’s not just about being insured. It’s about the added peace of mind that comes from being prepared.

So, as time goes on, you may decide you want lifelong protection that can do even more for your loved ones. That’s why many term customers exchange some or all of their term coverage to permanent protection. Permanent protection provides lifelong coverage that never expires. It also allows you to build cash value that grows over time.

Permanent life insurance also features one rate that will never increase. For many reasons, permanent life insurance usually costs more than term coverage … but term life insurance rates increase at regularly scheduled intervals, getting higher as you grow older. Having one, locked-in rate that you can count on to never change – for as long as you have coverage – can make permanent life a better choice for a lot of budget-minded customers. Since the rate is based on your age when you exchange, the younger you are when you switch from term to permanent life, the lower that rate will always be. Plus, by the time you reach age 95, or sooner in many cases, you won’t have to pay any more premiums. But, coverage will continue for life.

Current term customers can exchange to permanent life at any time before their coverage ends - guaranteed - with no medical exams or health questions. That’s important – especially since changes in your health as you grow older may make finding permanent insurance difficult or even impossible.

Exchanging to permanent life can be a smart choice for those looking to secure lifelong coverage at just one rate. And, it’s important to remember, since rates are based on age, the younger you are when you exchange, the lower your rate will always be.