![]() ![]() He is also allowed to keep the remaining $250,000 of term coverage for the balance of his contract. He extends his coverage by electing a term life conversion for a new $250,000 universal life policy. Since the death benefit is for a smaller amount than their original term policy, many folks can keep the remaining balance of any term coverage.įrank buys a $500,000 10-year convertible term life insurance policy.ĭuring his initial term, he develops a few health issues that prevent him from qualifying for coverage. Since term life insurance is cheaper than permanent insurance, many policyholders save money by converting only a portion of their coverage.
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