Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Hello everyone, I'm Steve Savant, syndicated financial columnist and host of the weekly online talk show Steve Savant's Money The Name of The Game. I'm answering questions from insurancelibrary.com today, and here's our question: is converting my term life insurance policy to a permanent policy a good idea? Well remember, most people buy their term insurance because they're buying it for a time certain event 10 years, 15 years, 20 years. Sometimes life changes and all of the sudden liabilities and obligations that I thought were going to be terminal now become permanent.
I want to make sure when I buy my term insurance contract that I have convertibility and that that convertibility allows me to go to a really good permanent portfolio, so all of the sudden if I need to change and I need to make a maneuver, I may have to convert my term to perm because my obligations and liabilities have changed. That's why you need to look at a good term contract that has convertibility options and a good window to convert to a good quality permanent policy.
Well, that's our consumer quest ion for today. If you have any questions just submit them to www.insurancelibrary.com.
President, Lane Independent Agency, Southern California
Yes. Do it as soon as you possibly can. Term is only temporary coverage, for a lower rate at first, but it can go sky high eventually. The sooner you convert, the sooner you can lock in your premium for your life time. And gain many other benefits that permanent can offer, such as tax free cash back. See your agent. GARY LANE. garylane@cox.net. 714 422 9616. Thank you.
.JPG){kind=avatar}
Video Transcript: Hello everyone, I'm Steve Savant, syndicated financial columnist and host of the weekly online talk show Steve Savant's Money The Name of The Game. I'm answering questions from insurancelibrary.com today, and here's our question: is converting my term life insurance policy to a permanent policy a good idea? Well remember, most people buy their term insurance because they're buying it for a time certain event 10 years, 15 years, 20 years. Sometimes life changes and all of the sudden liabilities and obligations that I thought were going to be terminal now become permanent.
I want to make sure when I buy my term insurance contract that I have convertibility and that that convertibility allows me to go to a really good permanent portfolio, so all of the sudden if I need to change and I need to make a maneuver, I may have to convert my term to perm because my obligations and liabilities have changed. That's why you need to look at a good term contract that has convertibility options and a good window to convert to a good quality permanent policy.
Well, that's our consumer quest ion for today. If you have any questions just submit them to www.insurancelibrary.com.