Term Conversion

May 15, 2008

  1. Greenhorn
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    Hey guys with most companys you have to convert the whole face amount right? or does anybody know a company you can do otherwise? Lesser face amount is what I mean. I'm looking at Mutual of Omaha.
    Thanks!
     
  2. Greenhorn
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    Well in case your wondering with the M.O. (Term Express) You can reduce the face amount, when coversion takes place. Great question Greenhorn!!
    Your brilliant in your follow up....:D
     
  3. djs
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    djs Super Moderator Moderator

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    but can you keep the remaining term?
    $500K term policy -> convert $100K
    Can you have a $400K term and a $100K perm?

    I think the answer is yes, it is with various other companies that I checked with a few years ago.

    Dan
     
    djs, May 15, 2008
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  4. David C
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    Greenhorn,

    My primary life company (Ohio National) certainly allows this, and I suspect most do.
     
    David C, May 15, 2008
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  5. SportsNut
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    Ohio National... good company.
     
  6. senior-advisor-indiana
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    I was lookong over a state farm policy yesterday. This guy is uninsurable now and his term is up next month. IT's a 100k policy. He is 66. In the policy it says that he has to be 75 and the policy has to be inforce to convert. Is this normal?
     
  7. Greenhorn
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    Good question Dan
    Could you carry the face amount in two ways?
    :mad:
     
  8. SportsNut
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    How about it states that it is covertible to age 75... NOT that he has to BE 75... in order to convert...

    Make more sense...?
     
  9. senior-advisor-indiana
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    No, it said that he had to be age 75. I will double check but I am sure that is what it said.
     
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