Those with an existing term policy and unable to get approval for a new permanent policy will have no choice but to convert term into permanent. (briansoinsurance.com)
In many instances, it can also help build the initial cash value amount in the new permanent policy. (allstate.com)
If you exercise your conversion privilege, we'll give you a credit towards the first premium on your new permanent policy so your out - of - pocket cost is reduced. (us.axa.com)