Term conversion business is often misunderstood by clients and producers alike. Here at Synaptiq Life, we are the experts at efficiently conducting this business. Through our Term Conversion Network we follow a simple two-pronged approach to maximizing the benefits of term conversion privileges.
The first objective of our Term Conversion Network is to provide the information needed to understand conversion privileges. At the most fundamental level, we realize that most term policies have some sort of conversion option that allows the term policy to become a more permanent form of insurance. Typically, these options do not require the insured to qualify for new insurance or display evidence of insurability. There is no exam or medical underwriting. These conversion options normally expire at some point, so its important to evaluate this timing during every policy review.
The conversion from a term policy can help better suit a clients current needs. A permanent policy provides extended protection and security along with some additional benefits over the term policy as a portion of the premium can accumulate tax-deferred and be subsequently borrowed at favorable rates or even withdrawn. This cash component and adjustable premiums provide financial flexibility and can be used to supplement other expenses such as retirement or college tuition.
Because of the normal life cycle of decreasing health ratings over time, term conversions are typically less expensive then simply writing a new policy. Combine these savings with minimal time required to convert a policy and you have a clear winner over writing a new policy.
The second prong of our Term Conversion Network is really what makes it so unique. Our experience gives us the ability to maneuver the nuances of the conversion process and our network of contacts allows us access to an unparalleled pool of knowledge.
- Do you know how to properly calculate a conversion credit? We do, and we use this information to make sure that our producers and their clients receive every dollar they deserve.
- Do you know that there is a carrier that will conduct an external term conversion? This means that almost any policy that has a conversion privilege, now has multiple options to convert.
With our expertise, these conversions can be processed in as little as day. Capitalize on our experience today, call us at 561-935-3353 or request more information.