Level premium plans with a fixed term coverage. Although these plans do not offer
cash value or reinstatement provisions they provide protection at a lower cost than
whole life. All these Term plans are convertible to a whole life at any time during
the term of the contract, by request of the insured and before the insured’s 60th
birthday and for an amount equal or lower than the original coverage amount.
The Conversion provision does not require additional proof of insurability or medical
examinations.
Benefits:
- Lower cost
- More purchase power
- Conversion provision
Target Market:
Young families planning for their children’s education and raising needs. The conversion
option makes these plans very attractive because it allows the insured to convert
the plan to a whole life.