Purchasing a life insurance policy in Burlington, North Carolina represents an important milestone in keeping your family and loved ones protected against the financial slings and arrows that life often brings. Chances are you purchased term life coverage as your first policy. While this type of insurance offers a significant amount of protection, term life policies are usually limited to a certain number of years.
If your term life insurance is set to expire, it’s a good idea to make the switch to a whole life plan. In the vast majority of cases, you can convert your current term life policy to whole life plan, regardless of your current health or occupation. This can be done at any given point in time before you turn 75, while some policies cover you up to age 100. Many people choose to purchase term life insurance first and later convert that policy to a whole life plan.
Converting to a whole life insurance policy definitely has its benefits, including the ability to build cash value that can be withdrawn or borrowed during your lifetime. With most whole life policies, your premiums remain the same, as does the amount of protection you get throughout your lifetime. The earlier your term life insurance policy is converted into a whole life plan, the easier it becomes to switch plans.
Don’t hesitate to give us a call if you want to learn more about these and other plans from your independent agent. We’ll help you come up with a plan that works just for you and your loved ones.