A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Car Insurance Agent

UPDATED: Nov 30, 2021

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Don't Miss These Facts

  • Convertible term life insurance can be a good option for people who think they might still want coverage after their current policy expires
  • It doesn’t cost anything to convert a term life insurance policy
  • Some companies may limit the types of permanent life insurance policies you can convert to

If you want a term life insurance policy but are unsure of whether or not you’ll need additional coverage after your policy expires, convertible term life insurance is worth considering.

Convertible term life insurance gives you the option to convert a term life insurance policy to a permanent life insurance policy so you can continue having coverage after your term expires.

This way, you won’t have to worry about buying a new policy or retaking a medical exam.

So what are the best life insurance companies that offer term life conversion? And can a term life insurance policy be converted to whole life?

Keep reading to get all the information you need before you buy life insurance from companies that offer term life conversion.

Looking for affordable convertible term life insurance quotes? Enter your ZIP code above to get quotes from companies near you.

What are the best life insurance companies that offer convertible term life insurance?

When it comes to finding affordable life insurance companies that offer term life conversion, Mutual of Omaha, John Hancock, and Prudential are some of the best.

Mutual of Omaha

Mutual of Omaha offers a product called Term Life Express.

Term Life Express allows you to convert your term policy into a permanent policy after two years.

After the two years are up, you can convert your policy anytime before the term life insurance policy ends or before your 70th birthday. This policy offers up to $300,000 in coverage.

Mutual of Omaha also offers a similar policy called Term Life Answers that offers more coverage and additional benefits.

Some of the added benefits you can get with Term Life Answers are level rates and an extended conversion deadline.

With Term Life Answers, you can convert your policy anytime before your 75th birthday as long as you’ve had the policy for at least two years.

John Hancock

John Hancock’s convertible term life insurance is called John Hancock Term.

One unique aspect of John Hancock Term is that it does not have a waiting period and you can convert your policy at any point during your coverage period.

However, keep in mind that the cutoff period for converting is before your 70th birthday.

With John Hancock Term, you can also convert your policy to any of the company’s available permanent life insurance policies, including a survivorship policy.

Also available from John Hancock Term is a Waiver of Premium rider that can help to keep you covered in the event that you become disabled and cannot work.

Prudential

Prudential’s convertible term life insurance option is called Term Essential and is one of the company’s most affordable products.

You can convert a Term Essential policy to any of the permanent products offered by Prudential.

A Waiver of Premium rider is also available on this policy to help ensure that you will still have coverage even if you become disabled and can no longer work.

Prudential also offers a product called Term Elite that has all the benefits of Term Essential and more, including term conversion credits and the option to convert to a survivorship policy.

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Convertible Term Life Insurance Pros and Cons

Convertible term life insurance is a great way to ensure you can extend your coverage after your term life insurance policy expires.

With convertible term life insurance, you won’t have to worry about buying a new policy, paying a conversion fee, or retaking a medical exam.

This means that even if your health has declined, it likely won’t impact your rates.

However, because term life insurance policies are converted to permanent life insurance policies at the end of the coverage period, your rates after converting will be higher since rates for permanent policies are higher.

There are some life insurance companies that don’t offer term life conversion options, and some that only let you convert to a whole life insurance policy instead of letting you choose between the available permanent life insurance options.

Most convertible term life insurance policies also have a conversion deadline. If you miss the deadline, you won’t be able to convert your policy.

What’s the bottom line on convertible term life insurance?

Convertible term life insurance can be a great option for those who want to have peace of mind that they can keep coverage even after their term life insurance policy has expired.

With convertible term life insurance, you can convert your policy into a permanent life insurance policy, such as whole life insurance or universal life insurance.

Although there is no conversion fee, your rates after converting will be higher.

The best life insurance companies for term life conversion are Mutual of Omaha, John Hancock, and Prudential, but you can find the best coverage for you by comparing coverage levels and rates from multiple companies.

Looking for the best rates from life insurance companies that offer term life conversion? Enter your ZIP code to get free quotes from the top companies in your area.

  1. https://www.iii.org/article/what-are-principal-types-life-insurance