Sentences with phrase «converted to permanent policies covering»

«Convertible» term policies can be converted to permanent policies covering an entire life.

Not exact matches

If you primarily wanted coverage to replace your income before you retired or cover certain expenses, like a mortgage, we wouldn't recommend converting to a permanent policy as you'll pay higher premiums than if you purchased a new term policy.

The last thing you want is to develop a health condition covered only by a level term life insurance policy that can not be converted to permanent coverage.

Once the period of time has expired, however, the insured will need to either re-apply or convert over to a permanent life insurance policy (if applicable) if he or she wishes to remain covered.

Principal allows a special needs child to be covered by their child rider that can be later converted into a permanent policy.

A child rider is an «add on» you can purchase with an individual life insurance policy that not only covers the life of your children, but it can be converted into a permanent policy later on in life without the child being required to show evidence of insurability.

After the covered child reaches age 25, he or she can maintain life insurance coverage by converting to a permanent life insurance policy from Protective Life for up to five times the amount of the Children's Term Life Insurance Rider coverage.

- Convert it to a permanent policy to cover final expenses in case of death or leave a tax - free benefit for your loved ones.

If you realize a need to convert the policy to a more permanent option, you can do so before you turn 40 and you'll be covered for life.

TIPS — A convertible policy may cover you past the age of 65, but you must take action prior to the cut - off age to convert it, or you risk losing the option of switching to permanent life insurance.

If they can be met with a new term insurance policy and you don't really need a lifetime guarantee, I might suggest converting some small portion of that policy to permanent insurance as a final expense life insurance policy and getting a new term policy to cover the majority of your insurance need.

Therefore, if the policyholder wishes to remain covered with life insurance, he or she will either need to purchase a new policy, or they will have had to convert their term policy over to a permanent type of insurance.

In other cases you may need to convert them to a permanent type policy to remain covered to age 65 and beyond.

The conversion privilege plays an important part of financially securing you surviving loved ones because you can purchase all the term coverage you need to cover the debt that has accumulated, and then convert your policy to permanent insurance when your debt has been reduced, and a lower death benefit makes more sense.

Now, in an actuarily stable world, the premiums for term insurance not only cover the expected mortality during the life of the term, but the premiums, along with the premiums on any permanent coverage that is converted to should cover the expected mortality for a converted policy.