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Lots..
Mass Mutual, Ohio National, New York Life, Guardian, Northwestern Mutual and Lincoln Financial Group are some that quickly spring to mind.
In fact, I would say the number of products that do not have a conversion option are vastly outweighed by those that do.
The real question is, what are restrictions are there on converting as far as permanent product choice, length of time to convert, and other eligibility?
Are they all a Contractual Guarantee? As in they wont change the conversion options 10 years from now?
The only Restriction with Penn is that you can't convert beyond age 70
Just got an email from Penn saying now all their term products have a contractual guarantee to all their permanent products..
Do you guys know of any other carriers that offer a contractual guarantee on their terms?
It would depend on how exactly the convertibility clause is written.
I know the last time I looked all those companies have it written roughly as, "...any permanent product offered by the company at the time of conversion" Ohio National has two term plans, one with full conversion options and one limited to a UL of their choice. Mass Mutual at one time did limit conversion to the first 10 years or the level term period, whichever is shorter. And yes, I believe some do have a maximum age at which you can convert, regardless of length of time otherwise offered for conversion.
I'm not saying its not a big deal. It is great that Penn Mutual is offering this, but they are hardly first by any stretch.
If you are going to sell a term policy, particularly if you want to talk about its convertibility, then you should read exactly how it is written.
I will pick on Cincinnati Life. At one time, and perhaps still, you cannot convert if disabled.
Mass' conversion is before 65 years old or 10 policy years which ever is less, but not to be less than the 2nd year. Term conversion credits are for years 2-7. You can convert to any policy type unless you are on the disability rider, then only the whole life 100 is eligible for the converted policy. Conversion doesn't require underwriting unless you are asking for a better risk class, more benefits, or additional riders...
can they decide later down the line to take away those conversion privileges?