Term Conversion

Greenhorn · 05-15-2008, 06:02 AM

Hey guys with most companys you have to convert the whole face amount right? or does anybody know a company you can do otherwise? Lesser face amount is what I mean. I'm looking at Mutual of Omaha.
Thanks!

Greenhorn · 05-15-2008, 05:28 PM

Well in case your wondering with the M.O. (Term Express) You can reduce the face amount, when coversion takes place. Great question Greenhorn!!
Your brilliant in your follow up....

djs · 05-15-2008, 05:56 PM

But can you keep the remaining term?
$500K term policy -> convert $100K
Can you have a $400K term and a $100K perm?

I think the answer is yes, it is with various other companies that I checked with a few years ago.

Dan

David C · 05-15-2008, 06:37 PM

Greenhorn,

My primary life company (Ohio National) certainly allows this, and I suspect most do.

SportsNut · 05-15-2008, 07:50 PM

Originally Posted by David C

Greenhorn,

My primary life company (Ohio National) certainly allows this, and I suspect most do.

Ohio National... good company.

senior-advisor-indiana · 05-15-2008, 10:28 PM

I was lookong over a state farm policy yesterday. This guy is uninsurable now and his term is up next month. IT's a 100k policy. He is 66. In the policy it says that he has to be 75 and the policy has to be inforce to convert. Is this normal?

Greenhorn · 05-15-2008, 10:43 PM

Originally Posted by djs

but can you keep the remaining term?
$500K term policy -> convert $100K
Can you have a $400K term and a $100K perm?

I think the answer is yes, it is with various other companies that I checked with a few years ago.

Dan

Good question Dan
Could you carry the face amount in two ways?

SportsNut · 05-16-2008, 02:24 PM

Originally Posted by senior-advisor-indiana

I was lookong over a state farm policy yesterday. This guy is uninsurable now and his term is up next month. IT's a 100k policy. He is 66. In the policy it says that he has to be 75 and the policy has to be inforce to convert. Is this normal?

How about it states that it is covertible to age 75... NOT that he has to BE 75... in order to convert...

Make more sense...?

senior-advisor-indiana · 05-16-2008, 10:48 PM

No, it said that he had to be age 75. I will double check but I am sure that is what it said.