0
Depending on the insurance carrier, if you convert a qualifying term life insurance policy to a permanent life or universal life insurance policy, the new policy's first year premium will be reduced. The amount of reduction is based on the term premiums paid during the 12 months prior to the conversion. The carrier can elect to give you a credit on a portion of those premiums paid based on a few factors, such as the age of the term insurance policy, or the type of policy you are converting to.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is a life insurance conversion clause?
Many term or group term life insurance policies provide a conversion clause, which allows the covered person to purchase a permanent life insurance policy at the same medical condition rates you have on the term policy. The rates would be based on your attained age at the time of your conversion but if you health had deteriorated, it is still a good benefit.
What is meant by term credit?
The term credit refers to the borrowing capacity of a company or an individual.
What are the exclusions for credit life insurance?
What are the exclusions for obtaining credit life on a loan
What does the term interest credit refer to?
The term interest credit refers to percentage of the credit that will be added as interest by the bank that issued a credit card. In this case, when the customer exceeds the allowed money limit, the bank will start taking interest on the exceeded credit.
Is Supplier's credit or Buyer's credit closely associated with long-term loans?
yes
Changing term life insurance to whole life insurance are there age restrictions?
No, but the older you are, the higher the premiums. You may want to look at the life insurance policy terms and conditions section that refers to "Conversion" or Convertibility Option". This section of your policy should explain how you may convert your term life insurance policy to permanent life insurance, and by what date you may convert. There may be a specific date in the policy by which time you may convert the term life insurance policy to permanent life insurance. Also many companies will offer a "term conversion credit" if converted with a certain number of years, this credit is generally the last 12 months of premium paid on your existing term policy I would suggest that you check out the convertability terms and conditions specified in your present policy. You may want to check with your insurance agent about this. There are many contingencies which may allow you conversion credit if you convert within a specified number of years.
What is attained age conversion term life insurance?
Attained age conversion is a point in time on a term life policy when the policyholder has attained the agen where they have the right to convert the term life insurance policy into a permanent whole life or universal life policy at their election and without having to take a paramedical exam.
What is the benefit of conversion on a term life ins?
Conversion of a term life policy is a right granted to the insured which allows you to convert a term life insurance policy into a permanent life insurance policy without having to take another exam. The permanent policy offers guaranteed level premiums and a level death benefit for the rest of your life. Conversion privileges are very important if you are ill and otherwise not insurable.
What is a life insurance conversion clause?
Many term or group term life insurance policies provide a conversion clause, which allows the covered person to purchase a permanent life insurance policy at the same medical condition rates you have on the term policy. The rates would be based on your attained age at the time of your conversion but if you health had deteriorated, it is still a good benefit.
I Need conversion rates from term to whole life?
It depends on what company issued your existing term life insurance policy. You can compare rates from multiple other insurance companies. You need a life insurance broker.
What is the conversion of short-term memory to long-term memory called?
The conversion of short term memory to long term memory is called memory consolidation.
What is meant by term credit?
The term credit refers to the borrowing capacity of a company or an individual.
I have a term life insurance policy that is convertible and I was wondering if there are any guidelines that have to be met before I convert?
At the time of conversion from a term policy to a whole life policy, you will most likely have to have a medical exam. This exam does have minimum standards and will be used to determine the rate on your permanent policy.
What is the term for the conversion of ammonia to nitrite and then to nitrate?
Nitrification
When did Long-Term Credit Bank of Japan end?
Long-Term Credit Bank of Japan ended in 2000.
When was Long-Term Credit Bank of Japan created?
Long-Term Credit Bank of Japan was created in 1952.
What does Rachat de credit mean in English?
Rachat de credit is the Romanian term for, credit or loans. Someone can search the term Rachat de credit and find out that it involves business or personal credit or loans terms.
