Term Conversions Made Easy

Term conversions are a powerful tool to provide your clients with permanent life insurance. Clients can convert to any permanent product at the same rate class, and if coverage and riders remain the same, there are no underwriting requirements. We’ve made term conversions easier than ever with the application and required forms in e-App.

5 Tips for a Smooth Term Conversion Process

1.  Check the term conversion period and that the policy is in force and premiums paid are current on the agent portal.

• On the top navigation bar under My Business select Inforce.
• Search by policy number, name, or product type.
• Select the policy
• On the Policy Details tab, scroll down to Coverage Details to find the conversion date.

2. Use e-App to submit the term conversion application and required paperwork.

3. Always submit an illustration with the application. Double check the face amount, rate class, dividend options or index strategies, and riders.

4. Make sure the owner contact information is accurate.

5. With an ownership change, the application must be signed by the existing term policy owner.

Bonus Tip: Adding new ABR riders to the new permanent policy?

• Underwriting is required
• Complete form 20114 and all medical questions (requires insureds signature)
• Double check the date of birth on the HIPPA release form. (requires insured signature)
• ABR disclosures require the owner’s signature – required forms vary by state