This July 5 will mark my 50th anniversary in the insurance business but yet I am continually learning new things about even the simplest of insurance products such as a standard juvenile WL plan.
I was listening to a United American Webinar on their JWL and everything seemed pretty cut and dried until he mentioned the fact their juvenile plan had a "term insurance conversion" provision. It was during the discussion of the options the owner would have down the road and he was explaining the nonforfeiture values, cash value; reduced paid up insurance and extended term. When he came to the extended term he said, "you can elect to convert the policy to term insurance which will pay the full benefit for the length of the of the term"...
I know this is not a big deal, but it just seemed an easy way to explain Extended Term Insurance that most folks will understand. Most have heard of term insurance (Dave Ramsey, Suzy Orman) and many have heard of the opportunity they have to convert their term insurance to whole life but the guarantee of converting your WL to term seems to be something novel.
I was listening to a United American Webinar on their JWL and everything seemed pretty cut and dried until he mentioned the fact their juvenile plan had a "term insurance conversion" provision. It was during the discussion of the options the owner would have down the road and he was explaining the nonforfeiture values, cash value; reduced paid up insurance and extended term. When he came to the extended term he said, "you can elect to convert the policy to term insurance which will pay the full benefit for the length of the of the term"...
I know this is not a big deal, but it just seemed an easy way to explain Extended Term Insurance that most folks will understand. Most have heard of term insurance (Dave Ramsey, Suzy Orman) and many have heard of the opportunity they have to convert their term insurance to whole life but the guarantee of converting your WL to term seems to be something novel.
