How to Convert From Whole Life to Term Insurance

Life insurance is something most of us believe to be a necessity. It protects our loved ones by providing financial support in the event of our passing. There are two common types of life insurance to choose from, whole life and term life insurance. If you currently have whole life insurance and want to convert to term life insurance, it may not be as hard as you think. Term life insurance is usually much cheaper and has many of the same benefits.

Instructions

1. Pull out all records of your current whole life insurance plan. Look for details regarding time limits, or periods of time where you can change your plan. You may be able to change your plan whenever you wish. Read through the records carefully for information about plan changes and expiration dates.

2. Meet with your current life insurance agent. Tell them you want to switch to term life insurance. Take your whole life insurance records with you.

3. Take time to study term life insurance brochures. Determine the amount of coverage you want, and the length of your coverage. Once you have settled on what works for your situation, return to your insurance agent.

4. Set up a new term life insurance policy. Read the paperwork closely and sign. Keep a copy of the policy for your records.

Tips & Warnings

• Comparison shop with different companies for the best quotes and benefits.