How to Convert From Whole Life to Term Insurance

Life insurance is something most of us believe to be a necessity. It protects our loved ones by providing financial support in the event of our passing. There are usually two types of life insurance to choose from. Whole life and term life insurance are the two common types of life insurance. If you currently have whole life insurance and are wanting to convert to term life insurance, it may not be as hard as you think it will be. Term life insurance is usually much cheaper and has many of the same benefits.

Pull out all records of your current whole life insurance plan. There should be details of time limits, or periods of time where you can change your plan. You may be able to change it whenever you wish. Read through the records carefully for anything about changing the plan or expiration dates.

Go in and meet with your current life insurance agent. Tell them you want to switch to term life insurance. Take your whole life insurance records with you.

Take home and read some term life brochures. This will help you determine the amount of coverage you want, and for how long you want the coverage. Once you have settled on what works for your situation, return to your insurance agent.

Set up a new term life insurance policy. Read the paper work closely and sign. Take home a copy of the records for your use.