I signed up for the expensive Variable Life Insurance policy when I was making lots of money. Now that my earnings have dropped, the Variable plan is too expensive. I have some health issues which will prevent me from getting a reasonable rate on a new term life policy. Is it likely that NW Life will allow me to convert to term at the “health standard” that they used to sign me up 15 years ago?
Can I convert a Northwest Mutual Variable Life Insurance policy to a Term Life Insurance Policy?
01
Mar
lynn
March 1, 2010 at 10:39 am
you can cash out the 1st and then get the term
mbrcatz
March 1, 2010 at 10:59 am
No, it’s extremely unlikely they’ll let you convert to a straight term policy.
bud68
March 1, 2010 at 11:03 am
No.
Steve
March 1, 2010 at 11:44 am
Variable Life Insurance is not a good option, especially in economic times like now because of the possibilities of it coming back to haunt you like in your case. Most likely you won’t be able to convert to a term product because of definitions and wording in most life insurance contracts. You will probably have to re-apply which is not the best option since you say your health is not too good. Now that it has been 15 years since your policy has been in force, and depending on the performance of the variable life product, you may have some significant cash values from which you can draw money from and make choices accordingly.