How to Convert Permanent to Term Life
If you find it difficult to keep up with your whole life insurance payments from month to month, you might want to consider term life. Term life insurance is more affordable than permanent whole life. Consult with your insurance agent about converting your policy to a term life insurance policy. As long as you are younger than 75, you should be able to covert a permanent policy to a term policy quickly and easily.
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Instructions
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Contact your life insurance agent. Discuss why you would like to convert to term life. Discuss the terms and conditions. Make sure you know the difference between a term life and a whole life insurance policy. If you have an appointment to see your agent, bring your whole life insurance records so that she can look them over and can make sure you are making the right choice.
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Set up a term life insurance policy over the phone, or in person, with your life insurance agent. He will send the paperwork to you if you set up the term life insurance policy over the phone. Or you will be able to set up your new term life insurance policy when you visit the agent.
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Read over your new term life insurance policy and then sign the forms. Your life insurance agent will make copies for your records.
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