The Benefits of Converting from Term Coverage

There's no question that term insurance may be helpful in meeting your insurance protection needs in certain situations. But did you know that converting your term policy to a cash value contract may be an important step to achieving long-term financial success?

Like term, cash value insurance provides a guaranteed death benefit. It also offers many other important benefits, such as the following:

• Premiums will remain level for the life of your policy. Cash value insurance does cost more initially. However, the long-term savings could be quite substantial.
• A portion of your premiums accumulate tax-deferred (the cash value) and can be borrowed against at favorable rates or withdrawn at any time to help supplement retirement, college funding, or other future cash needs. Note that the policy's death benefits will be reduced by the amount of the loan. If you withdraw the cash value and surrender your policy, you may incur a tax liability

Converting your term insurance to a cash value contract may help provide valuable security and protection. You will be comfortable knowing your family will be provided for in the event of your untimely death. In addition, you will also feel a sense of confidence knowing your premiums are hard at work building tax-deferred cash values, which may be important in the years to come.

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