1) No underwriting
No exams or medical questions are required! Less time wasted on paperwork due to the simplified forms and process.
2) No longer qualify? You’re still covered!
Individual will still qualify for insurance (and remain at the original level) even if their health has declined.
Example: Male, age 56 qualified for Preferred, non-smoker. At age 68, his health has declined and he’s developed diabetes. With a term conversion, he’s still rated Preferred!
3) Coverage continues value
Normally, when the term runs out, the investment in the policy cannot be recovered. A term conversion allows the continued potential for a return
4) Beat the insurance carriers at their own game!
Individuals that convert turn the tables on the carrier. Carriers know most people don’t convert and most term policies don’t pay a claim. This is a way to have a leg up on the carrier.