by Guest » Fri Apr 13, 2012 12:24 pm
I have a term life insurance policy with a duration of 15 years. But its going to expire after 5 years or so. I can now afford to pay for a permanent life insurance. I have heard about a rider which will let me convert my term life insurance policy into a permanent one. Can anyone give me the necessary details for the same? How it works and can i go for it?
Posted: Sat Apr 14, 2012 05:45 pm Post Subject:
This is usually just a feature of the contract and not a rider. If you are healthy and you want permanent insurance, only convert if that is the best permanent policy for you. What conversion features usually do is allow for a conversion with no evidence of insurability.
Posted: Mon Apr 16, 2012 06:08 am Post Subject: Policy conversion
Well, I have heard about the term conversion rider. But am not sure whether or not it is allowed by every insurer. What you can do is that, you can ask your insurance provider about it. Or you can state the purpose to him and ask for other options.
You can also have a look at the following link :
www.ehow.com/how_5602_convert-term-insurance.html
Hope this helps !!
Posted: Thu Apr 19, 2012 05:18 am Post Subject:
Almost all term policies have a convertibility provision included in the contract. Read the contract and become aware of the limitations for conversion.
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