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What does this sentence mean?

August 7th, 2010 | | Tags: , , | 3 Comments | |

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"The policy can be converted to a permanent policy. This is available to age 65 or 5 years from issue, whichever is later".

ps. The policy is a term life insurance that can be converted to a permanent life insurance.

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3 Responses to “What does this sentence mean?”

  1. Insuranceman Says:
     August 7th, 2010 at 4:14 pm

    Term insurance will typically increase in premium, either ANNUALLY or at the end of the "term" that you purchased (10 Year Level Term, 15 Year, 20 Year, etc.)

    If you convert to a "permanent" policy – the premium will become FIXED and NOT increase for the rest of your life.

    You have this option until you hit 65 or until you reach 69, if you bought the policy at age 64.

    Good luck and I hope this helps!

  2. src50 Says:
     August 7th, 2010 at 4:14 pm

    You can convert from term to permanent anytime up until you turn 65 or 5 years from the policy date of issue, whichever of those two dates is later.

  3. Rob Says:
     August 7th, 2010 at 4:14 pm

    It means the current policy is temporary, as in it will expire after a certain date, missed payment, or event. Insurance is a trillion dollar industry for a reason; they rip millions of people off. Whenever dealing with an insurance company be sure to read ALL of the fine print.

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