01.Core Concepts

Most term policies are convertible, which means the policy can be exchanged for a cash-value policy without evidence of insurability Under the attained-age method, the premium charged for the new policy is based on the insured’s attained age at the time of conversion Under the original-age method, the premium charged for the new policy is based on the insured's original age when the term insurance was first purchased A financial adjustment is also required ‹#›