Term to Permanent Life Insurance Conversion Calculator
Estimate Your Conversion Costs
Should You Convert Your Term Policy?
Most term life policies include a conversion privilege that lets you switch to a permanent policy — whole life or universal life — without a new medical exam. This is especially valuable if your health has declined since you originally bought your term policy. The converted permanent policy costs more than term, but it provides lifelong coverage and builds cash value. If your health is still excellent, re-applying for a new policy may yield comparable or lower premiums. Use this calculator to see the cost difference and decide which option suits your situation best.
Frequently Asked Questions
What is a conversion privilege?
A conversion privilege is a rider on many term policies that allows you to convert to a permanent policy without medical underwriting, usually before a certain age or deadline specified in the policy.
Does my health affect conversion pricing?
No — conversion pricing is typically based on your original health rating at the time you bought the term policy, not your current health. This is the main advantage of converting if your health has worsened.
How long do I have to convert?
Most policies allow conversion until age 65 or 70, or within the first 5–10 years of the policy. Check your specific policy documents or call your insurer for the exact deadline.
What types of permanent policies can I convert to?
Depending on your insurer, you may be able to convert to whole life, universal life, or indexed universal life. Options vary by company — ask your insurer what permanent products are available for conversion.
Is conversion worth it if I'm healthy?
Possibly not. If you're still in good health, shopping for a new individual policy may give you better rates and more product choices than what's available through conversion. Compare both options before deciding.
Disclaimer: Estimates are for educational purposes only and do not represent actual insurance quotes. Rates vary by insurer, state, and individual underwriting. Consult a licensed insurance professional.