Effective April 1, 2020, we will be updating the conversion language for our Term Life Answers policies.
Conversion Period Changes
The conversion period allowed will be as follows:
For issue ages 18-72: The earlier of 10 years or age 75
For issue ages 73+: During the first 2 policy years only
The earlier of 15 years or age 75
The earlier of 20 years or age 75
During the first 20 policy years only
Conversion Product Changes
Beginning April 1, 2020, the language in the Term Life Answers policy referring to the available conversion product will read as: The new policy will be a form of permanent insurance that we make available for conversions at the time of conversion.
Our previous Term Life Answers conversion language indicated the conversion product could be ‘any form of whole life insurance being issued by us at that time’. This language is no longer relevant to the products being offered in today’s marketplace.
Important: Our current company practice will continue to allow Term Life Answers conversions into any of the products listed below, regardless of issue date. As with our previous language, the conversion products available are subject to change at any time and may vary in the future in accordance with the policy language.
Current Conversion Products:
Income Advantage IUL
Life Protection Advantage IUL
The new conversion language will be used for all Term Life Answers applications signed on or after April 1, 2020. Applications signed prior to April 1, 2020 and received in the Home Office by April 30, 2020 will use the old conversion language. Any applications received in the home office after April 30, 2020, regardless of the application signed date, will use the new conversion language.
Please note: The updated conversion language is only applicable to Term Life Answers policies. It does not impact the Term Life Express conversion language.
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The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
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The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.