Don’t Settle for Just What Your Current Company Offers
Term life insurance is a smart way to start. It’s affordable, simple, and protects your family for a set period of time.
But when the term runs out, you face a big question: what comes next?
Most policies include a “conversion privilege”, meaning you can upgrade your term policy into a permanent one with the same company. That sounds great on the surface… but here’s the truth:
Converting with your current company should usually be your last resort.
Why Converting Isn’t Always Your Best Move
- Not All Permanent Policies Are Created Equal
Every company designs permanent policies differently. Some are highly competitive with strong living benefits and cash value. Others are overpriced, outdated, or missing important features. - Your Conversion Option Is Limited
If you stick with your current company, you’re locked into whatever permanent product they offer. It might not include chronic illness riders, critical illness coverage, or the flexibility you’d want. - Cost Can Be Higher Than Necessary
Just because you can convert doesn’t mean it’s the most affordable option. You may pay significantly more than you would with a competitive new policy.
Compare Your Options
Applying for a new permanent policy is usually the best choice if you’re healthy, offering more flexibility and benefits, while converting your current term policy can serve as a fallback when new coverage isn’t possible.
| Apply for a New Permanent Policy | Convert Your Current Term Policy | |
|---|---|---|
| Flexibility | Choose from multiple companies and policy designs | Limited to whatever your current company offers |
| Living Benefits | Many modern policies include chronic, critical, and terminal illness riders | May or may not include living benefits — often more limited |
| Cost | Can be more competitive, especially if you’re still healthy | Often higher premiums with less flexibility |
| Customization | Tailor coverage, riders, and benefits to your needs | One-size-fits-all permanent option from your carrier |
| Medical Exam | Usually required , but worth it if you’re healthy | Typically no new exam required |
| Best Use Case | When you’re still in good health and want the best policy available | When health issues prevent new coverage, use as a backup plan |
The Bottom Line
👉 If you’re healthy, start by shopping for a new permanent policy.
That gives you the chance to lock in better benefits and potentially lower costs.
👉 If health is a concern, your conversion option is a safety net.
It’s there to protect you when applying new isn’t possible.
Why Permanent Coverage Matters
Permanent life insurance can offer more than just a death benefit. It can also provide:
- Lifetime Coverage – Your protection never expires as long as premiums are paid.
- Living Benefits – Access funds in the event of a chronic, critical, or terminal illness.
- Cash Value Growth – Build value you can borrow against for emergencies, opportunities, or retirement.
- Flexibility – Options to customize coverage and benefits as your needs change.
Watch & Learn
I’ve created two short videos that explain:
Part 1
Part 2
Common Questions
Shouldn’t I just use my conversion option since it’s easier?
Only if new coverage isn’t available to you. Conversion is valuable, but it’s often the “backup plan,” not the first choice.
What if I’m not perfectly healthy anymore?
That’s exactly when conversion makes sense. It allows you to secure permanent coverage without a new medical exam.
How do I know which path is right for me?
That’s where I come in. I’ll help you review your term policy and compare it to new permanent options on the market.
Take the Next Step
Don’t let your current company’s conversion be your only option. You deserve to know what’s really available, and choose the policy that gives your family the best protection.
Let’s review your term policy and see what makes sense for you.
Call now to speak directly with Frank Biaggi at (707) 584-3482.
