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Term to perm: Converting your term life insurance to permanent life insurance

As your life changes, so does your need for life insurance

March 2, 2012Perm

Buying a term life insurance policy was a great decision. Life insurance coverage of any type is definitely a smart move. Since your term purchase, perhaps you’ve added to your family or just added new priorities. Either way, you want to be ready for what the future holds. One way to be prepared is by converting to a permanent (whole or universal) life insurance policy.

First things first: Check your current term policy to make sure it is a convertible policy. We’re not talking top-down, wind-in-your-hair convertible – we’re talking a policy that allows you to convert your term life insurance to permanent life insurance without new medical exams or other proof of insurability.

If your policy is not convertible, get in touch with your ERIE Agent to discuss your life insurance options.  If it is convertible, here are some tips to help you decide whether or not to convert.

Reasons to convert your term life policy to a permanent life policy

Permanent policies offer benefits their term counterparts don’t, including:

  • premiums that do not change, regardless of changes in your health (with whole life policies)
  • protection for your loved ones throughout your lifetime
  • a way to help meet a variety of needs, including funding your children’s education and supplemental retirement income

Reasons to stick to term

Term life insurance:

  • Allows you to purchase large amounts of protection at attractive premium rates
  • Is ideal for protecting a mortgage, providing replacement income or funding college for a child in the event of a premature death

If you decide that converting is right for you, consider Erie Family Life* for your permanent life needs. ERIE offers permanent life products that provide lifetime protection, including:

  • Whole Life
    • Guaranteed lifetime coverage
    • Guaranteed level premium
    • Guaranteed cash value
  • Universal Life
    • Flexible payment schedule
    • Flexible death benefit

Regardless of your decision, your ERIE Agent is always there to answer questions and provide solutions to your insurance dilemmas. 

* Erie Family Life products are not available in all states.

 

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