Can You Switch to Whole Life Insurance If You Have Term Life?

Having the right type and amount of life insurance is important to everyone. For some people, term life insurance is best. For others, whole life insurance is a better option. Work with your agent to determine which fits your needs. It is possible to make adjustments. You do not have to wait until your policy expires to do so. 

Why Make the Switch 
Switching to whole life insurance offers some benefits. This is a permanent form of insurance. It stays with you as long as you make payments on the plan. Often, it costs more than term life plans, but sometimes offers more benefits. Some policies pay interest to you. Others allow you to borrow against them. 

On the other hand, term life insurance is in place for a specific amount of time. You will need to renew the policy from time to time to keep it updated. Over your lifetime, costs can rise. Term policies do not always offer the same benefits. In the long term, this type of insurance is best for those who want coverage for only a set amount of time. 

Many times, people buy term life insurance because it is more affordable to start. Over time, costs will rise. Switching to whole life insurance may become a better option. It gives you the same policy for the rest of your life. For those who have health problems, securing a whole life insurance now, before they worsen, may be ideal. Some term plans will require a physical at each new term. As a result, you may not qualify down the road. 

How Can You Make the Change? 
It is important to speak to your life insurance agent as a first step. Discuss the various forms of life insurance available. Talk about your goals for the policy. Determine which policy can give you the benefits you need now and in the long term. Take the time to work out the benefits of each form. 

Once you decide to switch, your agent can help you to do so. You will need to agree on terms of the policy. Converting one form to the next is not difficult to do. However, it is worthwhile to compare a variety of plans carefully. Look at their benefits before making a decision about which is right for you. 

Need life insurance? We can help. Call Clarion Pacific Insurance Services at 831-337-4661 for a fast, free policy quote.