Converting Term to Whole Life Insurance?

[WinoBlues]

We purchased policy from All state agent. Company name is Lincoln Life Benefit and it's a term life insurance policy.

I have sold a lot of AllState and have been a Lincoln Benefit agent for over 20 years.

It is unlikely that you are being offered real Whole Life. Probably one of the UL or Hybrid ULs. While they are good products there are many more options if the insured is healthy.

 

[xrac]

I have sold a lot of AllState and have been a Lincoln Benefit agent for over 20 years.

It is unlikely that you are being offered real Whole Life. Probably one of the UL or Hybrid ULs. While they are good products there are many more options if the insured is healthy.

To add to what Wino said if your mother is healthy you can probably buy a new policy that will be cheaper than converting. If her health is not good is the biggest reason to convert.

 

[WinoBlues]

We purchased policy from All state agent. Company name is Lincoln Life Benefit and it's a term life insurance policy.

Following up on what xrac said. If the agent that is proposing this conversion is the Allstate guy. He is limited to only the Allstate branded LBL products. Unlike us Independents that have access to many companies. As such their product knowledge is usually limited to only that one companies products.

I again recommend speaking to an independent agent before deciding. Conversion may be the best option but it may not be also. Best to find out now.

Lastly, depending on how old your mother is there may be a deadline to take the conversion option.

Talk to an independent agent.