More Coverage without More Underwriting – A Three Part Series [Upsells, No-Exams, Conversions]

Presented by Brian Leising

Part 3

Conversions (renounce your old life)

Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting?  Converting a term policy to a permanent plan avoids underwriting and typically pays you a new commission on the permanent plan.  Look through your client files for clients with older term life policies.  If they have no permanent coverage, discuss their conversion options.  For a traditional conversion, a client may convert all or part of their term plan to any permanent plan offered by the company at the time of conversion.  If they have a return of premium term policy, they may be able to obtain a reduced paid-up plan in lieu of receiving their premiums back.  If you don’t like the options the carrier presents, MetLife offers a cross-company conversion plan.  You can convert another carrier’s term to one of their permanent plans.  Also, don’t forget about child riders.  Companies usually allow children covered by riders to convert the rider to a permanent plan, all without additional underwriting.

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