#352 The Walls are Closing In on Term Conversions
March 1, 2023 by Bobby Samuelson
Wink’s Note: I just got schooled by Steve Cox from Life Innovators.
He contends that “the walls are closing in on term conversions.”
Specifics to back this claim up?
– Restricting conversion privileges to the first few years of the guaranteed premium period;
– Restrictive conversion privileges to face amounts about $1M;
– Restrictive conversion privileges for insureds issued as standard risk class, or worse;
– and others.
The overall message? Insurance agents need to be diligent in their review of term conversion privileges for new business, and ensure that their clients are taking advantage of those privileges that they have.
Check it all out in my buddy Bobby Samuelson’s “Life Product Review.”