United of Omaha came out with a marketing piece today that just made me smile. One of the things I feel so very strongly about in life insurance is the ability to convert a term insurance policy to a permanent life insurance product. Some companies have recently come up with creative, and not so creative ways, to turn their backs on what has always been the golden egg in the term life insurance nest, the conversion option.

Having seen companies like West Coast Life turn their backs on their customers and this important element of term insurance, it does my heart good to see companies like United of Omaha take such a strong traditional and honorable stance on it. They see conversion as a right, not an option that you can’t count on. They understand the importance of conversion being to a permanent product. How else can someone do lifetime planning?

You sure can’t do it with West Coast Life’s conversion to a 10 year guarantee plan, or American General and Banner Life’s commitment to life time conversion options only through the 5th year of a term policy. United of Omaha is listening, just like they always have.

Listen to this Banner, West Coast and AIG!! You used to believe in this. What happened?

“This conversion privilege guarantees your ability to
replace your term policy with a permanent policy
without having to take a physical examination or provide other evidence of good health.
And, should you elect to convert your term policy to
permanent coverage, you cannot be denied coverage because of changes in your health, occupation or for any other reason.”

Bottom line. Know what your company’s term conversion option is. Find out if they have any intention of changing it. Understand how important it is to your future and buy term insurance based on a good conversion privilege and replace your term insurance if it isn’t good.