My parents recently realized their term life insurance was about to expire. Like many people, they hadn’t thought about it since it was always there if they needed it. They were looking at their options and became concerned about what they should do next. They still needed life insurance, but their situation had changed in the years since they applied.
Western offers the ability to convert from a term plan to a permanent (whole life) plan during the term’s coverage. It’s a nice option for my parents since their financial needs have changed. They no longer have kids in the house and no mortgage to pay, but they still need coverage that builds cash value and to pay final expenses, etc. They don't have to get a medical exam to take advantage of a plan that will cover them for the rest of their lives. Their agent was able to discuss monthly premiums, cash values, and other options that made it the right choice for them.
In other cases, people might find they need a longer term life plan. An agent can certainly help those people too. Don’t worry, it's not unusual – many grandparents are now responsible for young children, or people are still paying off large loans into their retirement years, and having a term life policy or combination policy (like Vision Whole Life) can be a better choice in those cases.
Another time to think about converting your coverage is when you become an adult. You can attain coverage without proof of insurability and this coverage can help protect financial debts, such as student loans and a house payment. Your agent can advise you on the right plan to meet your current financial obligations and future financial needs.
There are many advantages of planning for your future now: you can lock in a premium rate at your younger age and these premiums will never increase regardless of age or health. Also, by securing permanent coverage, the cash value will grow tax-deferred until received. You will have the confidence of permanent life insurance protection that serves as a potential security blanket with features that allow you to borrow against its value in case of an emergency or protecting financial obligations.
If you are curious about your plan’s details and want to start thinking about what to do next, give your agent a call.
Call 877-935-2467 to speak with a Western Fraternal Life Representative.