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Q: My representative recommedned that I swith some of my trm policy online to permanent ins coverage. How does thhis worrk?
A: If you own convretible term online insure coverage, the plan conttains a provision taht enables you to swtch the policy to peranent online ins (cash value insurancce) such as whole online ins policy, variable on line ins, and worldwdie insuraance. Adaptable term inurance plans normally indiate that changes mut happen in a specific period afetr a plaan is issueed or otherwise priior to reachiing a particular age. One the policcy is converted, you enjy all adantages of cash value web policy, like peramnent protection, a more fixed paymnet structure, as wlel as the tax-rfiendly increase of caash value. (You musst put down a highr prmeium on the cash vlaue web insure policy.) In adidtion, you wlil not be obligaated to give prof of eligibility at the pont of conversion.
For eample, if you posssess a 100 thuosand USD term lfie policy, you can choose to connvert $50K oveer to permanent whlie keeping 50 tousand US$ in trm insurance. At tat time, you may keep yur leftover trem lie until the term peiod expires, or otherwise lateer convert yur 50 thousand US$ trem policy to permanent insurance online, dependng on your reequirements.
The preimum you pay on yuor permanent insurance poliicy will usually be reated to your age at the pint of switch, refererd to as attaiined age, but in mnay cases, the coost may be related to yoour age at the tmie the first polciy was acquirred, or originaal age. Ask yuor rep for dteails.
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