Anonymous
07/07/2025 21:42
Subject: life insurance conversion question
Conversion is always a terrible deal (unless you have bad news)
Anonymous
07/07/2025 10:14
Subject: life insurance conversion question
We got life insurance 25 years ago and it is coming up now when we need to decide to convert it to term or get a new policy. WE still have dependant children and so need another 10 years of coverage.
We have a meeting with agent tomorrow to get a better understanding but it looks as if options are literally 10X more expensive depending on if we go through new underwriting versus convert the plan we have.
Of course we are 25 years older now, weigh more, but are very healthy.
I assume we would apply for new policies (cost up to 4500 a year versus 40k annually) but it seems theres got to be something else I am missing.
Has anyone else been through this recently and have guidance?
Thank you!
We have a meeting with agent tomorrow to get a better understanding but it looks as if options are literally 10X more expensive depending on if we go through new underwriting versus convert the plan we have.
Of course we are 25 years older now, weigh more, but are very healthy.
I assume we would apply for new policies (cost up to 4500 a year versus 40k annually) but it seems theres got to be something else I am missing.
Has anyone else been through this recently and have guidance?
Thank you!