The answer to this question is yes. When you are purchasing life insurance, it can be difficult to decide between term life insurance and permanent or whole life insurance. If this is where you are, you may want to consider a convertible life insurance option.

At Capretta Insurance Agency, we want Parma, OH residents to understand their options when they are purchasing life insurance. We can help you to design the best life insurance product for your needs.

How to Change from Term Life Insurance to Permanent Life Insurance

There are two ways to change from term life insurance to permanent life insurance. The first way is to keep your term life insurance until the term expires, and then purchase permanent life insurance.

The easiest way is to purchase term life insurance that is convertible. A convertible policy will convert your term life insurance into a permanent life insurance policy at the end of your term. 

How Does Convertible Life Insurance Work?

Convertible life insurance is not as complicated as it sounds. This life insurance is purchased when you purchase term life insurance. Your term life insurance will have on it a set term, for say 5, 10, or 30 years. 

When that term expires, you will have the option to renew, or convert the policy into a permanent life insurance policy.

If you don’t do that, you will need to purchase permanent life insurance. That also means you will have to undergo a medical exam again when you change your life insurance policy.

That may not sound like a big deal now. However, if you are taking another medical exam in 10 or 20 years, the medical results may be different.

Convertible life insurance is often the most affordable and convenient way to have the best of both worlds when it comes to life insurance.

Get a Quote

Capretta Insurance Agency, we want Parma, OH residents to be informed of their life insurance options. Call us for a quote today.

In the Parma, OH area, there are several forms of insurance that people will need. One type of coverage to consider is life insurance, which can offer financial protection for those you care about. If you are in this area of Ohio, there are a few reasons why having this type of coverage should be considered a practical necessity. 

Provide Financial Protection for Dependents

The main advantage of having a life insurance plan in this state is that it can provide your dependents’ financial protection. If there are people that rely on you and your income, finding a way to cover and protect them is significant. With life insurance, you can build a plan that can be used to meet their future financial needs. 

Receive Financial Investment Benefits

While a life insurance plan is largely intended to provide financial protection for others, it can also be used to invest for the policyholders. Those that are going to take out a life insurance plan can consider whole life insurance. With this form of coverage, some of your payment will build in an account that will accrue interest and can be cashed out in the future. You can also use these accounts to post as collateral, which can help you take out low-interest loans. 

There are many great reasons to take out a life insurance plan in the Parma, OH area. If you are looking for a new life insurance plan in this area, the Capretta Insurance Agency is a great company to contact. The insurance professionals with Capretta Insurance Agency understand the value of life insurance, and they can offer any support you need to understand your options and build an appropriate plan.