Converting Term to Whole Life

[pfg1]

APRIL 7, 2016

I tried to start a new thread to ask this question, but the forum throws all 3 of my browsers a "500 bad code or site offline error" after hitting SUBMIT.

Anyway, here's my question, copied/pasted from the thread that wasn't..

Seeking Your Advice...

A Client purchased an Assurity $750,000 30 Year Term w/R.O.P. from me in 2012. Paying $250 @ month. He was age 41 then.

Today, Jim contacts me because Assurity sent him the "Convert All or Part of your Term to Whole Life", letter. He wants my advice.

Jim is 45, married, 3 teenage children, and a self employer landscaper/snowplower, with 3 employees.

My inclination is that he should just let the policy end at age 71, take the $90,000 R.O.P. and then decide if Final Expense coverage is feasible, or to just buy a pre-paid burial plan, or put the money in the bank.

I only sell a few life policies a year. What do you seasoned life insurance specialists think?

-Allen

He might be able to convert some of it, and leave some as term.
To me... if he has the $, desires permanent coverage.. he is a great candidate. Personally, I would not recommend letting the policy ride then getting FE covg. I think that is a terrible idea. Explore what options he has for conversion. Might be great, maybe not so good.