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If conversion makes sense for you, I would do it sooner than later, especially if your current carrier allows conversion into any of their current permanent products. If not, and your health is acceptable, consider purchase of a permanent product from another company.
This and other questions about conversion should be asked to your current agent and discussed fully with your proposed beneficiaries to make sure of the best decision on your part.
Insurance companies often have limitations as to the type of policy you can convert to and you need to find out exactly what type of policy they would allow you to convert to and make sure it fits your needs. It is a good idea to check out other offerings from other insurance companies as well - you never know when a fresh start could get you a better "fit" for moving forward with permanent life insurance. Of course, you would have to qualify for a new policy with another company, but it costs you nothing to check it out.
As to when to convert, it depends on several factors.
1. HOW MUCH you want to convert. If you want to convert it all, it may be a good idea to do it now, while rates are lower. They will go up quite a bit over the next 10 years.
2. YOUR HEALTH. If you have very poor health, you may just want to pay those low Term rates another 10 years. If you have excellent health, it might be a good time to convert or look at what else you can get in a permanent policy.
3. WILL YOU NEED LIFE INSURANCE after age 60? By the time you are 60 you should have a good idea of whether you will need that much coverage. You have some time to get a feel for how your retirement is going to pan out before you make this big decision. You cannot reverse it and go back to Term, once you have converted your policy.
Please feel free to contact me to help you ascertain what prices are out there for you, or help you figure out what direction to go. Best wishes.
Call me. I can get you a policy that will give you cash in retirement tax free. Also increase your retirement income by at least 30%.
Whole Life policies allow you to spend everything else you've saved for retirement and then give you protection against inflation and volatility.