Whether you’re 15 years or 6 months from the end of your term life insurance, there are many advantages to converting your current coverage to a whole life insurance policy.
Most term policies include level premiums through the end of the contract, but when the contract term ends, your policy will either expire or your premium will increase, likely significantly. If you will continue to need coverage after your term period ends, converting all or part of your term coverage can be a good option for you.
Whole life insurance coverage offers these valuable benefits:
- Coverage that never expires as long as premiums are kept current
- Coverage can be guaranteed for your lifetime1
- Helps provide financial security for your family
- Helps provide peace of mind for the future
- Accumulates cash value from which you can borrow to help with financial needs
With Farm Bureau, converting your policy is as easy as making a call to your agent. And you may even be able to get a conversion credit for making the transition! Your credit would be applied to the first year’s premium of your new permanent life insurance policy.
Contact your Farm Bureau agent today to learn more about the value of whole life insurance and how you can convert your existing term policy.
1 The guarantees expressed here are based on the claims-paying ability of Farm Bureau Life Insurance Company. Premiums must be kept current to maintain coverage.