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aufan said:This is a great question. One huge benefit of convertability is that with most companies, conversion to permanent is completed without proof of insurability.
For example:
in the 8th year of term. Client can convert any amount of original face amount into permanent coverage at current age and rate.
Client has 10 yr convertable term. Client develops health problems
I had a female client that had contracted breast cancer during the 4th year of a 20 yr term with face amount of 250,000. She decided to convert 50,000 into universal life and left 100,000 in term. The 250,000 was originally set up for mortgage protection and due to the mortgage being paid down, did not need the original face amount at earlier issue.
Great example of how we as agents sell based on NEEDS. Also, we as agents need to make sure that we SERVICE CLIENTS AFTER THE SALE. It is a relationship business and I can tell you this client was very happy as she had not only beat her breast cancer, but also had options to protect her assets and her family in the event her health changes in the near future.
Great question. We need tons more like this.
The 250,000 was originally set up for mortgage protection and due to the mortgage being paid down, did not need the original face amount at earlier issue
Golddoor said:Im a little confused about when you say your client converted a $250,000 term and put $50,000 into a UL then kept $100,000 in term. What happened to the other $100,000?
Also how do you guys approach you clients about how and why they should convert their term policies?
Melmunch3 said:I have found that this is a common trick used by some captive companies, when trying to explain why their product is so much more expensive, they claim that all the "internet selling, new age crap, can never be converted", which is of course, a blatant lie.