Life and Health Insurance Policies

Can I convert my Adjustable Life Insurance policy to Term Insurance?

I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.

Public Comments

1. from what you say here its sounds as if you will have to replace the poliocy you have with a term policy. The agent you use to purchase the term policy will be able to help you with the replacement so that you do not have a lapse in coverage. Your cost for the term policy will most likely be much less than the policy that you currently have.
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4. You can't convert any life insurance policies that builds cash value into a term policy. Term insurance does not build cash value. My suggestion is buy the 20 year term and wait until the policy is issued to you. Then either cancel the Adjustable Life Insurance OR do a 1035 exchange into a variable annuity. I believe that Metlife's Prime Elite IV variable annuity is the best variable annuity I ever seen. It guarantees you against losses in the first 10 years of the contract.