Term Life Insurance
The Missed Conversion Window*
When John bought his 20-year term policy at age 45, he felt secure, knowing his family had coverage while his children were young. The policy included a valuable conversion option to permanent coverage that expired at age 60, regardless of the 20-year term. At age 58, John received a severe health diagnosis and realized he needed lifelong coverage. He called his agent at age 61 to convert, only to be told: "You missed the conversion deadline. Your health status means you cannot qualify for a new policy." The safety net he paid for was suddenly gone, leaving his wife and family unprotected for his final years.
Potential Denial (The Deadline):
The policy's most valuable feature—the right to convert to permanent coverage without a new medical exam—was tied to a specific age or time window, not the full policy term.
Risk Identified by My Policy Advocate:
Missed conversion deadline (age or time-based), making a policy renewal at the end of the term impossibly expensive or unavailable if health changes.
Policy Language:
“The Insured may elect to convert this policy to a Permanent Life Insurance plan... provided that this option is exercised no later than the Policy Anniversary nearest the Insured’s 60th birthday.”
Discovery by Clara, our Ai Assistant:
Clara reads for the Conversion Rider and extracts the specific age or year deadline, which often precedes the end of the term, flagging it as a critical date.
Questions to Ask Your Agent:
- What is the precise deadline (age and year) for my term-to-permanent conversion option?
- If I only convert a portion of the policy, will the remainder of the term policy retain its original rate?
* This scenario described is fictious and is solely for illustrative or educational purposes so the insured has the opportunity to discuss these issues with their licensed insurance producer.
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