With this option, your Term Life Insurance policy comes with the flexibility to convert to a new policy at the end of the term, without needing medical tests or evidence. This is useful if:

• Your health changes during the policy term

• You want to continue your coverage after the term ends

It’s an excellent way to stay covered, even if your needs change over time. Many policies also cover your children at no extra cost, giving them protection in the event of your death or serious illness. Plus, Hospital Cash Cover can be added to help with medical expenses.

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What is a Conversion Option in Term Life Insurance?

A Conversion Option allows you to convert your existing Term Life Insurance policy into a Permanent Life Insurance policy (such as Whole Life Insurance) without needing to undergo any additional medical tests or provide new medical information. This is an incredibly useful feature if you decide that you want lifelong coverage or if your health has changed during the term of your policy.

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How Does It Work?

1. Start with a Term Life Insurance policy: You purchase a term life insurance plan for a set period (for example, 10, 20, or 30 years).

2. During the term: If your health changes, or if you just want to continue your life insurance after the term expires, you can convert your policy to a permanent life insurance policy before the term ends.

3. No need for medical exams: Normally, if you wanted to switch to a permanent policy, you’d need to go through a medical exam to assess your health and adjust your premiums. With a conversion option, you don’t have to undergo any new medical checks, which means you’re not at risk of being denied coverage due to health problems that may have developed.

4. Flexibility and peace of mind: The conversion option gives you flexibility as you age or if your health changes. You’ll know that you have the option to continue your coverage even if you become uninsurable due to health issues.

 

Why Is It Important?

• Health Protection: If you become ill or develop health conditions during your term, the conversion option ensures you can still secure coverage without worrying about being rejected due to your health.

• Long-Term Security: It guarantees that you have a safety net in place if you want to continue your coverage for life (instead of just for a fixed period).

• Convenience: The conversion process is straightforward and doesn’t involve additional medical underwriting, saving you time and stress.

 

What Should You Know?

• Conversion Period: Policies with a conversion option often specify a timeframe within the term during which you can convert the policy (e.g., within the first 5 years).

• New Premiums: When you convert your policy, the premiums for the new permanent policy will generally be higher because permanent coverage lasts for life, and rates are based on your age at the time of conversion.

 

In essence, a conversion option offers flexibility and security, giving you the peace of mind that you can continue your coverage even if your health changes during the term of your policy. It’s a great feature if you anticipate needing long-term life insurance but want to start with a more affordable term plan.

 

Whole of Life Insurance – Summary

Whole of Life Insurance provides lifetime coverage. It guarantees a payout to your beneficiaries upon your death, no matter when it occurs, as long as premiums are paid. Unlike Term Life Insurance, which only covers you for a set period, Whole of Life is designed to last your entire life, offering permanent protection.

 

Key Benefits:

• Lifetime Coverage: Your policy lasts for life, ensuring your family is financially protected no matter how long you live.

• Guaranteed Payout: A lump sum is paid to your loved ones when you pass away, helping with expenses like funeral costs, debts, and daily living.

• Cash Value: Many plans build up a cash value over time, which you can access during your lifetime for loans or withdrawals.

• Fixed Premiums: For some policies, premiums stay the same throughout your life, making it easier to budget

 

Whole of Life Continuation benefit

New Ireland 

With this Policy you pay premium base on you chosen 

1. life Cover Amount €100,000, €150,000, €200,000 etc  (This will depend on your income and affordability to pay)

2. Term of plan 10yrs 15yrs 20yrs maximum 30 yrs 

3. Continuance €10,000 to €50,000

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With the desired life cover €250,000 and for 30 yrs term with a continuance of €50,000 This means the client will pay the premium on the policy for 30 yrs and the live cover in the event of their untimely death will pay out €250,000. If there is no claim on the policy during this time after the 30 yrs the of €250.000 premium will cease.

Continuance covers of €50,000 will remain in force for the lifetime of the client/s  (the client will not have any premium on the remaining term of the plan)