As General Agent at MassMutual Michigan Metro, I’ve worked with hundreds of clients from various walks of life over 30 years in the business. Let me share a story about a young man who was just starting out in his career and getting married from about 25 years ago.
The client was in good health at the time and his future wife was working full-time. The couple planned to have children down the road, and decided to purchase convertible term life insurance. Within one year of marrying, this client was diagnosed with juvenile diabetes, which is now known as type I diabetes.
Fortunately, he’d obtained insurance when he was in the best class for eligibility, but this changed dramatically overnight. If he had tried to acquire insurance at that point, he couldn’t have gotten anywhere near the same rates. Because he purchased insurance early on, before a medical condition was diagnosed, he was able to convert it to a permanent policy and do it at the same best class rates.
Additionally, he purchased from a company that allowed the conversion to be any permanent product they had for sale. Fortunately, this client was looking towards the future and doing the best for the family he expected to build, and he made informed and wise decisions as a result.
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For many young people just starting out, term insurance is a good option. Convertible term life insurance can be even more appealing because it provides greater flexibility, including the option of converting to permanent life insurance to meet changing life needs without the necessity of additional underwriting.