Convertible 30 Year Term

Mar 7, 2016

  1. AOKING
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    AOKING Super Genius

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    Hey everybody,

    Are there any good 30 year term products that can be converted to a quality perm option down the line?
     
    AOKING, Mar 7, 2016
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  2. WinoBlues
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    WinoBlues Guru

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    No one can say what will be available 30 days down the road. Much less 30 years. I was reviewing some old Genworth plans where the insured would have converted if the old plans were still available. Now we will try underwriting before accepting the ready UL .

    I would write term as a terminal policy that terminates at the end of the term. There are some exceptions of course. Plan on converting soon, Protective, ROPTerm and some GUL term like plans that may be able to reduce or reenter later. But bread and butter term? Terminates. The client needs to terminate before it does to win.
     
  3. Robert Barney
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    Robert Barney Guru

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    I agree with almost everything you said, until you said the above.

    That's like saying your house has to burn down to win, or you have to wreck your car to win. Really?

    The "winners", as you call them, are actually the losers. And that is what insurance is for.
     
  4. WinoBlues
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    WinoBlues Guru

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    Going to a restaurant, ordering a dinner, waiting for the dinner to be prepared and served, paying for the dinner and not eating it is winning?

    I guess the real insurance winners would be the people that do not buy insurance and do not die. As opposed to the people that buy insurance and die after the insurance does?

    Edit: I have sold a chit load of term insurance. As recently as yesterday. And quoted a ten year term on a 65 year old today. So I do believe it is a good product.
     
  5. BYSFG
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    BYSFG Super Genius

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    I like ANICOs products so far in respect to what youre asking but Im sure there could be better out there, -different strokes for different folks. Plus it really does fall in line with what Wino said, we never know when a carriers going to yank a product from under us for what ever reason.
     
    BYSFG, Mar 8, 2016
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  6. go4life
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    go4life Expert

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    Per North American Company said

    "CONVERSION PRIVILEGE

    Life changes, so you should be able to change your life insurance policy, too. With ADDvantage Term, you may convert your policy to one of North American’s currently available permanent life products offered for conversion
    without a physical exam.

    Should your needs change, you may generally convert your term insurance to permanent coverage throughout the level premium period (10, 15, 20, or 30 years) or through age 74 (69 for 30-year term), whichever is earlier.

    However, the conversion period is never less than five years, regardless of issue age! For example, if a policy is issued to you at age 73, you can convert through age 78, giving you great flexibility if your needs change."
     
    go4life, Mar 8, 2016
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  7. WinoBlues
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    WinoBlues Guru

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    Currently Midland and NACOLH allow any of their products. In the future they may offer one plan that is available for conversion. Years ago I was doing a lot of conversions on Jackson Nation Life term. I found a series of term that had the wording "to any permanent plans". We were able to make them allow us to convert to a low cost plan they had. But the wording is always a little slippery.
     
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