conversion of universal life to term insurance?

Why are you thinking of buying a term life insurance policy? Are you in need of additional life insurance? Unless you really need the extra life insurance I would strongly advise you not to buy a new policy because at your age, the premiums are likely to be on the higher side even for a term policy. On the other hand, if you do need additional life insurance, you could weigh the premium you would pay if you were to increase the death benefit on your universal life policy, against the premium you would pay for a fresh term policy. Remember that you would need to prove insurability i.e., have a medical exam done to assess your premium rate class in both the above cases. That’s the major disadvantage of buying additional life insurance when one is older.
Why not stick to your existing universal policy? You would have probably built up a sizeable cash value on it that could compensate in case your death benefit is low. There is also the advantage of deferred tax benefits on it.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

sizable cash value in a UNIVERSAL policy? <lol>

Stop the bleeding bud: IF you need any insurance at your age, take the money OUT of the universal (ready for surprises? I mean: whatever they promised you'll have against reality....plus excuses!) and but LEVEL TERM.</lol>