Conversion provisions typically allow level term (LT) insureds to “convert” (shift into) a new permanent life policy within a specified number of policy years. The new permanent policy is priced for the client’s “attained” (current) age, but the insured doesn’t have to submit new evidence of insurability.
Many agents say the tough economy is spurring them to sell more LT policies than permanent. That’s often because the LT cost is much lower than that for the permanent plans (such as whole life and universal life with secondary guarantees) that would better suit the client’s situation.
Fore more news, please refer to life & health insurance news.
No comments:
Post a Comment