Colorado Marine Officer

Myth 4: My term-life policy can be converted to whole life, so I don’t have to worry about losing coverage if I ever become chronically ill. Fact: While it is true that more than two-thirds of term policies allow policyholders to convert over to whole life regardless of health problems, many “convertible” term policies can be converted only within a five or 10-year window – and insurance companies may not warn you when that window is about to close. If you don’t convert and the policy lapses, the insurance company gets to keep all the money you paid in premiums and won’t have to pay out a dime on the policy.
It is not uncommon for policyholders who have developed serious health problems to unwittingly miss their opportunity to convert to whole life and then find themselves uninsured and essentially uninsurable. Self-defence: Make a habit of reviewing your policy at least once a year so that you won’t miss your chance to convert – or any other deadline