Should we convert our expiring term life to a universal life policy?
Posted in Life Insurance Questions over 3 years ago, 3 replies
submitted by Dee in Ann Arbor, MI
Yes, your agent is partially right in regards to your info coming out on your MIB(medical insurance bureau)record for every life insurance company to see; how ever if you were never denied insurance before there wont be any negative things on there. A suggestion from me would be to contact them at (866) 692-6901 and ask for a copy of you records to see whats on them, you get a free report once a year just like a credit report. Once you call, and if there is nothing negative on them such as being rated extra for life insurance or denial of life insurance you can apply anywhere you choose, how ever you still have to go through underwriting.
submitted by Jose Lopez in San Diego
@ January 29, 2009 - 06:04 PM
Reply
If you can convert your term life policy to a cash-value policy, you can ensure that death benefits will be paid out irrespective of when you die. By including a convertibility feature in your term life policy, your annual premiums will increase but it is a smart option to have especially if your health deteriorates during the term of your policy and no other insurer will then provide you with cash-value coverage at affordable rates.
With a convertibility option, you may be able to convert all or just a portion of your term life insurance policy before the end of the term period. The benefit in this case is that you can get a larger life insurance amount when you are younger and have a greater need for life insurance and can then convert some of that to permanent insurance to provide for your funeral expenses or estate taxes as required.
Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.
With a convertibility option, you may be able to convert all or just a portion of your term life insurance policy before the end of the term period. The benefit in this case is that you can get a larger life insurance amount when you are younger and have a greater need for life insurance and can then convert some of that to permanent insurance to provide for your funeral expenses or estate taxes as required.
Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.
submitted by Denise in US
@ October 28, 2009 - 08:12 AM
Dee-
Keep in mind that you still have to disclose on a life insurance application that your doctor has recommended the tests and that you have not done them. You would more than likely be rejected by any company as you have pending tests, regardless of what the tests are for.
It is very unlikely that you would get around this, as they would order the records from the doctor and see it anyway.
If the doctor is recommending tests, then why are you not getting them done? I would suggest that you go ahead and covert your term policy, when it gets up to the expiration of the term. Get the tests done, if there is something wrong you will be glad you converted, if there is not, then you can go ahead and apply for whatever insurance you want.
If you have questions...dhorsey@myclearview.com
David J Horsey Jr, CLTC
ClearView Insurance & Financial
Keep in mind that you still have to disclose on a life insurance application that your doctor has recommended the tests and that you have not done them. You would more than likely be rejected by any company as you have pending tests, regardless of what the tests are for.
It is very unlikely that you would get around this, as they would order the records from the doctor and see it anyway.
If the doctor is recommending tests, then why are you not getting them done? I would suggest that you go ahead and covert your term policy, when it gets up to the expiration of the term. Get the tests done, if there is something wrong you will be glad you converted, if there is not, then you can go ahead and apply for whatever insurance you want.
If you have questions...dhorsey@myclearview.com
David J Horsey Jr, CLTC
ClearView Insurance & Financial
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