Compare convertible and non-convertible term life premiums and understand the cost of conversion rights.
Non-Convertible Term
$1,700/yr
Standard term life premium
Convertible Term
$2,125/yr
Term + conversion option
Conversion Premium
$5,875/yr
Whole life rate at current age
Why convertibility matters
Converting to whole life later costs $5,875 per year — the whole life rate at your current age. Convertibility lets you switch to permanent coverage without a new medical exam. If your health has declined, this can save you from being rated up or denied coverage entirely. The convertible premium is typically 25% higher than non-convertible term, but the conversion option can be worth far more if your health changes.
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