Getting a Second Opinion for My Customer

Life Insurance

Previously I wrote a blog on Term Conversions which was posted on August 7, 2014 entitled “What are Term Life Insurance Conversions?” I also wrote a blog entitled “How to Choose the Right Life Insurance Rider” that was posted on August 25, 2014. The reason for mentioning these blogs is interesting – please read on…

I recently got a call from an insured that had received a letter from her life insurance company. The letter she got was telling her about the term conversion option on her policy and to let her know that this option is about to expire and she had the next 60 days to decide if she wanted to exercise this option. The term conversion option is the ability to convert an existing term life insurance policy to a permanent life insurance policy, such as a whole life insurance, without any medical underwriting. It requires an application to be completed but no medical records or labs are needed. The policy is issued once the application comes back from the insured, with automatic approval.

This particular insured had a term life insurance policy with the disability waiver of premium rider on it. She is on permanent disability for an illness and the policy is currently being paid for by the life insurance company.

She was interested in the term conversion option as her term life insurance policy is an annual renewable term that increases every year and will go to age 75 only, meaning after that point she will no longer have any life insurance coverage. The client was 65 at the time of our discussion.

I needed to call the life insurance company to verify the information on her policy and to make sure she was able to convert this policy to a new whole life policy and still have the life insurance company continue to make the payments under her disability waiver of premium rider. When I called to check on this I was told that she could convert but not with the disability waiver of premium rider. They said she would have to pay the premiums.

I told my client what was said and I also told her that I wanted to do a little more homework on this as I felt we needed a second opinion. The term life insurance policy that she currently had and wanted to convert was very old - it was issued back in December of 1987. The information about her policy was sent to another representative of the company so it could be looked into further. After they looked at the old contract again they realized that it is still convertible with the disability waiver of premium rider so the company would continue to pay the premiums as they have been.

It gave me such a good feeling to be able to call her back and tell her that we could write that new policy for her and the insurance company would continue to make the payments! Now she will have a life insurance policy that will not end at the age of 75 and will give her peace of mind with the premiums being paid by the life insurance company due to her permanent disability and having the disability waiver premium rider on her policy.

It pays to get a second option sometimes. Here at Pivot we will go that extra mile for our clients. I am so glad I did. Let us go the extra mile for you with your life insurance needs.

About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or