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Negative, Ghost Rider.

As a broker, I pride myself on being able to provide options to my clients, and being able to “shop around” for them.  Does that mean just getting the best deal and lowest premium?  That’s a small part of it, but definitely not the only reason.

Besides the coverage itself, one of the best features of most term life insurance policies is the ability to do what’s called a “term conversion.”  This allows you to convert part or all of the term insurance policy into a permanent life insurance policy that the same insurer offers at the time of conversion, with no medical questions asked.  You could be on your deathbed and say “ABC Insurance, I’d like to convert all of my term insurance to universal life.”  And they will do it.  This is contractual.  A life insurance policy is a contract between you and the insurance company.  The insurer is legally bound to fulfill that promise of allowing you to do that, regardless of your health status at the time.

Now, you can also be in perfect health and make the same decision to convert the policy.  Even better.

That being said, when shopping for term insurance, even if you think you’ll most likely never “convert” the policy, you should still see what permanent products that insurer offers.  You may not be buying it now, but you may want to buy it down the road – we never know where life will take us.

Should you buy the cheapest term policy out there? No way.  There are a few companies out there with very competitive term insurance premiums, but their permanent products are terrible, or at the other end of the competitive spectrum.  (Competitive is a combination of price, features, and company financial strength).

If you are shopping around online for term insurance, make sure you read this post first.  Or, let me do that work for you.