What is the process for converting a term policy to whole life?

Converting a term policy to whole life insurance typically involves a few key steps, though the exact process can vary depending on the specific policy and the insurer. For Pacific Life, the procedure usually begins with reviewing the terms and features of the current term policy. It is essential to determine whether the term policy includes a conversion option, which is a feature allowing the policyholder to convert to a permanent life insurance policy, such as whole life. Once it has been established that conversion is possible, the policyholder should gather necessary information, including personal identification and policy details. The next step is to submit a conversion request, which may require filling out specific forms that can usually be found on the Pacific Life website. After the request is submitted, the insurer will typically assess the application. It is important to note that during this process, the policyholder may not be required to undergo a medical examination, depending on the specific terms of the conversion. Once approved, the new whole life policy will provide lifelong coverage, along with a cash value component that accumulates over time. The premiums for whole life insurance are generally higher than for term insurance, so it is wise to review the adjusted premium structure before finalizing the conversion. For more specific information on policies and procedures, the official website of Pacific Life may offer additional resources and contact information.