1. Peggy MacePRO
    COO and Senior Agent, Outlook Life, All 50 States
    A good time to end Term Life Insurance is right before it enters the annually renewable premium at the end of the term. The premium goes up very high then and will continue to go up each year. If the coverage is still needed and health makes it prohibitive or impossible to get a new policy, it is better to convert the Term policy to Whole or Universal Life at that time. If you wait until the Term expires, the *conversion privilege is lost, so it is important to address this before the term ends. 
    *Some Term policies do not offer the opportunity to convert, and for some, the ability to convert them to permanent ends after a set number of years rather than to the end of the term.
    Answered on September 2, 2013
  2. Syndicated Financial Columnist, Ash Brokerage Corporation, Scottsdale Arizona
    Assuming that the term life insurance was purchased to cover a temporary financial liability, does that liability no longer exists? Never terminate coverage until your debt is retired, future obligations secured and charitable intent completed. If any of these items are ongoing, you should consider converting your tern insurance to permanent life insurance.
    Answered on August 9, 2013

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