Converting Term Life to Whole Life Insurance
Do you have existing Term Insurance with a Canadian Insurance Company? Scott welcomes anyone who has an existing term insurance policy and wishes to convert it to Universal Life without a medical. Scott is a licensed broker in Windsor who will help you retrieve all of the pertinent information from your existing carrier and guide you through this conversion process.
Your life has changed. Maybe it’s time to change your life insurance.
When you purchased your term insurance policy, it provided affordable financial protection for your temporary needs, like covering your mortgage and replacing lost income while your children are young. But your needs may have changed over the years.
Did you know your term insurance comes with a valuable conversion option?
This option lets you convert your term insurance into a permanent plan, such as whole life, Term-100 or universal life insurance. And most policies can be converted without providing any medical evidence. This makes converting your term coverage really simple.
Is converting your term insurance into permanent coverage right for you?
Think about the cost. Term insurance is the most affordable life insurance you can buy. But, when your policy is up for renewal (in most cases after 10 or 20 years), the cost to continue your coverage for another term will be much more expensive now that you’re older. Permanent insurance might be more cost-effective in the long run since you can structure your premiums to never increase.
You may still need protection. Your term insurance will eventually expire even if you do renew it. But that doesn’t mean your need for life insurance will expire at the same time. As long as you pay your premiums, permanent life insurance provides permanent financial protection that can help protect your family throughout your lifetime and cover final expenses, such as funeral costs, final medical bills and estate taxes at death.
There’s tax-advantaged savings. Part of the premium you pay for permanent life insurance helps accumulate tax-advantaged savings. That’s because the asset growth inside your policy is tax-deferred. You can usually access this cash at any time, for any reason.* The equity you build can help you reach your financial goals and be passed onto your beneficiaries tax free.
Consider a partial conversion. If your mortgage is almost paid off and your children have grown up, a large term policy may not be necessary. Instead, you may want to consider a partial conversion. For example, you could keep enough term insurance to replace your income until you retire and convert the rest into a permanent plan with tax-advantaged savings.
By converting to permanent insurance you can have lifelong financial protection.
* There may be tax implications if you withdraw money from your policy and it could reduce your insurance coverage.
Permanent life insurance can provide financial security for your family plus tax-advantaged investing opportunities for you.
Choose a permanent life insurance plan that’s right for you.
Manulife Financial offers the most comprehensive range of permanent life insurance products. You may be
able to convert your term insurance into one of the following plans: