Things are changing in the life industry, faster than ever. Seems like every time I turn around, another quality carrier is changing their offerings.
Principal is exiting the life business entirely in October of this year. Wow, didn’t see that coming.
Term rates are still reasonable right now, but some of the better companies are drawing back. They are narrowing the choices you have when you convert.
Term is the backbone of the life insurance industry. But very often, term buyers change their minds later on, and then they need conversion privileges. Their health is not what it “used to was” or they gained weight, or they started smoking something again… some reason or other why they can’t get approved for life insurance anymore.
And so they convert. No health questions. No exam. Coverage to age 100 or more. Great, huh?
Well it is, unless the company you are with no longer offers a competitive policy. Then you are rooked. (Can I say rooked? Are chess players going to cancel me?)
20-30% of term policies get converted to something that will last longer than term.
We will put your term with a carrier who still is in the game. We can’t guarantee the future, but we know what we are up against. Our eyes are wide open, and we are watching out for you.