Should i convert part of my term living insurance over to permanent insurance?

You can convert part of your term life policy to permanent life insurance if you have a convertible policy, and you are exercising the option to convert within the time-line specified by the carrier company. When you opt for conversion, you won’t have to prove insurability but your premiums will go up for 2 reasons – one, permanent life premiums are higher than term life premiums, and two premiums will be calculated based on your age.

However, if your term life policy does not have a convertible option, then you will have to qualify for a permanent life policy through a medical exam. Premiums will be decided based on your age and the outcome of your medical exam. In this case it can’t be referred to as a ‘conversion’, because it amounts to buying a fresh new policy, and reducing the amount on your term policy.

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