Term Conversion extension rider

[MVI]

"I completely agree that the conversion options today stink in comparison to days gone by. The wording is everything. What a company offers today can change tomorrow. I was speaking with a JNL client I wrote 20 years ago. He has one option with JNL and not great. Same thing with old West Coast Life (Protective) They have a very over priced WL. Well, Overpriced is relative I guess"

What other carriers do you use now for a good guaranteed convertible plan? ONL only offers up to 20 year term. I WISH they did 30 year. Not sure why they don't.

That's the deal with almost all the "cheap" term rates at the top of the engines. Little to no convertibility options, or very short window.... its the game the carriers are playing to win the lowest price war.

Right and consumers go on google to search, "cheap term quote" which then spits out the cheapest company at super preferred rates. So I attempt to educate my clients that those rates are best case scenario and the conversion opportunity is poor.

I try to keep it simple by saying something like, "a guaranteed convertible term policy just gives you options in the future, we know your not ready for whole life or universal yet...but maybe one day you will and this gives you that option...regardless of health."[/QUOTE]

 

[pfg1]

Penn Mutual is fully convertible, and coming out with a 30yr term. They are also coming out with a cheaper term that has less convertibility options (I assume to compete with the el cheapo rates). AIG is fully convertible also and has many term options.