Term Conversion Rider for Life Insurance

Choosing to buy term conversion rider life insurance is a great way to ensure future security for you and your family. Term conversion rider life insurance can allow you to easily switch your policy to a permanent life insurance one without a medical exam. The cost of your insurance may go up, but it can give you peace of mind, especially if you are starting a family or develop an illness in the future.

Free Insurance Comparison

 Secured with SHA-256 Encryption

Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

Full Bio →

Written by

Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

Full Bio →

Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Aug 25, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

The Rundown

  • A term conversion rider can add extra security to life insurance coverage for a young family
  • By using a term conversion rider you can change a current life insurance policy into a permanent life insurance policy without a medical exam
  • Insurance riders are an extra cost on your policy, either paid in a lump sum or over the life of the policy

Life insurance can be a complicated topic. What’s the right type of policy to get? Can I add on things later if my needs change? What if I start a family, should I change my type of life insurance then?

All of these questions and more can come up. If you’re looking to buy term conversion rider life insurance, then one of those questions may have led you to make that decision.

To find out what a term conversion rider is, what it adds to your life insurance, and more, keep reading.

Before that though, you can find the best term conversion rider life insurance rates right now. Enter your ZIP code to compare free quotes from top insurance companies for life insurance in your area.

What is a conversion option on term life insurance?

To understand what a term conversion rider is, it’s necessary to define a rider. A rider adds additional features to or modifies the terms of an insurance policy. It gives additional coverage that you may need or want for any reason.

So, what is a life insurance conversion? The insured person is not assured they’ll get new coverage under identical terms when a term life insurance policy expires. If you develop an illness or anything else during the term of the policy, it may be hard to get another one.

Term conversion rider life insurance takes away that worry. It allows a policyholder to change term life insurance into permanent life insurance without having to take a medical exam.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption

What’s the difference between term life and permanent life insurance?

These two are the most common types of life insurance. It’s easy to remember which is which. Just think about it like this: term life insurance is for a defined “term” or period of time. This term can be as long as 20 or 30 years or as short as 10 years.

Your coverage will stop at the conclusion of your term, and you do not have to make any more payments to the insurance company. The money you paid into your term life insurance policy will stay with the insurance company if you live past the “term.”

For this reason, term life insurance isn’t a way to save or invest money.

Permanent life insurance, on the other hand, covers you for the rest of your life until you die. So, in a sense, it’s permanent. It also has the possibility of accruing a cash value. So some policyholders use it as a way to safely invest their money.

Who might want term conversion rider life insurance?

If you’ve just started a family and are thinking ahead, this type of life insurance rider could be right for you. As a parent, you can use it to protect your family in the long term. This way, you lock in coverage right now and can rest easy.

Will it cost me a lot to buy term conversion rider life insurance?

Before you think about converting a term life insurance policy, you must need to have that option in your policy.

Not all companies offer it, but many do. It’s a simple clause you can add on for an extra cost. You can either pay for it all at once or spread the payments across the life of the policy.

You may have to pay higher premiums once you convert, and some companies charge a conversion fee.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption

Buying Life Insurance

The smart way to get affordable term conversion rider life insurance quotes near you is by using our free tool. By simply entering your ZIP code you can get rates from a term conversion rider life insurance company near you.

Frequently Asked Questions: Term Conversion Rider Life Insurance

Below is a common question regarding life insurance riders.

#1 – What are the types of riders in insurance?

Other types of life insurance riders include accelerated death benefit riders, long-term care riders, child term riders, and return of premium riders.

Free Insurance Comparison

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption