Klamath Insurance Center, Inc Blog
If you already have a life insurance policy, but you still want to extend it due to expiration, or if you are outliving your term life insurance for any reason, the best way for you to do so would be to convert your existing policy into a permanent one.
You must follow a few steps below.
Look For the Term Conversion Rider
The first thing that you need to find out is if your policy has a term conversion rider. It is the easiest way to convert your term Life insurance policy because it will allow you to skip the necessary medical exam and other necessary tests read the extension.
Inform Your Life Insurance Company Right Away
Secondly, make sure that you inform your life insurance company about your intention to extend your policy. This way, they will be able to help you with the necessary preparations in the coming days. It will be easier to claim your insurance payout shortly.
Be Aware Of Your Coverage Points
Next, you have to be aware of the coverage points that you need from your life insurance. This way, you will know what you can expect from the possible conversion down the road. Inform your insurance agent about your expectations regarding coverage not to have any problems down the line.
Convert While The Policy Still Active
The fourth step you need to take would be to ensure that you can do the conversion while the existing policy is still active. If you do this after your policy's expiration, you would have to go through the re-application steps again.
By doing this before the expiration, you will be able to save time and money for sure.
Find Out Everything You Can About The Process
Lastly, you have to make sure that you can find out everything that you can about life insurance conversion before trying to embark on this particular endeavor. You must understand the prerequisites of this activity. Only then will you get to make the most out of your new policy down the line.
With these five steps, you could extend your coverage while still enjoying the perks of your current policy. The important thing is that you remain responsible for your life insurance payments to continue getting the benefits from it down the line. Don't hesitate to ask for help regarding any information on life insurance policies and conversion if you need to.
At Klamath Insurance Center, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 882-5555. You can also request a free quote by CLICKING HERE.