A convertible term life insurance policy is for individuals who
want guaranteed level term life insurance with the ability to switch to permanent life insurance later.
Not exact matches
Also, if you
want the security of knowing that your insurance will be renewed each year as long as you pay the premiums and of knowing that your premiums will be the same every year for as long as the policy is in force, get a
level - premium,
guaranteed renewable and non-cancellable
term life insurance policy.
To start, when you're looking for a good
term policy, you
want a policy with
guaranteed level premiums for up to 30 years, and good conversion options in case your needs change and you require a policy for the rest of your life.
If your cholesterol
levels are exceptionally high or if you suffer from other medical conditions, however, you might
want to consider applying for
guaranteed term life insurance for people with high cholesterol.
If he simply
wanted to purchase John Hancock's traditional
level premium
term product without adding the Vitality feature, he would pay
guaranteed level premiums of $ 1,123 per year for 20 years.
Term life insurance is easy to understand and offers rate
guarantees of 10, 15, 20, 25 30 years or even
level to age 95 if you
want that.
If you have a child or grandchild in college and you
want to
guarantee that child graduates you can apply 5 year
level term to that need.
He qualifies for preferred plus rates with any company he
wants to apply with, and for $ 250,000 of 20 year
guaranteed level term insurance he is going to pay about $ 200 a month.
The only products that I know of that are lapse supported (i.e. the insurance company
wants you to lapse at some point) are ROP
term products and
guaranteed level premium permanent products life products (
guaranteed whole life, no lapse UL).