The first important thing to get out of the way is that there is no such thing as permanent term life insurance. All term life insurance policies are capped at the year amount the policyholder chooses when the policy is initially written.

With that said though almost all of the individual term life insurance policies will be able to be converted to some type of a permanent plan. It’s important that you bear in minds that since these policies have a guaranteed eventual payout they will be more expensive in terms of premiums paid.

You should keep in mind the financial impact that your death is going to have on your family regardless of how long you might live. Also you of course have to keep in mind your current financial situation and if you’re going with a term life policy simply for the fact that you need the mortgage paid should you die suddenly and not have the additional funds to purchase a long term insurance policy.

When you make the decision that you’d like to make a conversion; such as, if you used to only have the term life insurance policy because you couldn’t afford it before and your situation changed you should do the following:

• Consult with your current life insurance agent or agency about the transitioning of a term life to that of a whole life, variable life, etc…
• Check for a conversion section in your current policy and find out what permanent plan features are offered through your current policy.
• Have all of the plan options explained to you as well as the premiums associated with all of the plan types and figure out which is going to be the best benefit for the lowest cost.

After you’ve made the conversion and your policy comes you simply have to do three remaining things:

1. Review
2. Sign
3. Securely Store