October 15, 2024 · 18 min read
Converting Term Life to Whole Life: How It Works
How to convert a term life policy to whole life, when to do it, what conversion costs, and how borrowing against the new policy's cash value works.
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We compare carriers including
- Mutual of Omaha
- Transamerica
- John Hancock
- Prudential Financial
- MetLife
- AIG
- Foresters
- Americo
- American Amicable
- National Life Group
- Ethos
- Prosperity Life
- Great Western
- Colonial Penn
- Aetna
Client stories
Real families, real coverage.
People who came to us for a price and left with a policy that fits.
Working with Policy Ocean was one of the best decisions I've ever made. The process was straightforward, and their team was always there to answer my questions. My family and I now have peace of mind, all thanks to them!
I never thought insurance could be this hassle-free! The personalized advice and competitive rates offered by Policy Ocean are simply unparalleled.
The customer service at Policy Ocean is top-notch. From day one, they've made me feel valued and ensured that I got the best coverage suited for my needs.
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Move the slider and watch the price change. This is a real estimate for healthy non-smokers; your answers in the full quote fine-tune it.
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Term life estimate
—/mo
Preferred Plus to Standard: …
35
Estimate for illustration. Your health answers refine it in the next step.
How it works
From question to covered, without the runaround.
- 1
Answer a few questions
Age, health basics and how much coverage you want. About two minutes, no phone number required.
- 2
See what you qualify for
Your estimated price and likely health class, with live sliders to tune coverage and term.
- 3
Lock it in with an advisor
A licensed agent confirms the best carrier for your health profile and helps you apply, often with no exam.
Coverage
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The Policy Ocean difference
What you get here that you won’t get elsewhere.
Most quote sites are built to collect your phone number and pass it on. We built ours the other way around.
Your price before your phone number
See your estimated rate in about two minutes. No phone number, no callbacks you didn’t ask for.
Typical quote sites usually ask for your number before showing a price.
One licensed advisor, not a flood of calls
When you want help, one licensed agent works your file from quote to approval.
Typical quote sites often pass your details to several agents at once.
Every kind of coverage in one place
Term, whole life, IUL, final expense, annuities and Medicare, compared side by side.
Typical quote sites usually quote term life only.
Real options with health conditions
Diabetes, heart history, COPD and more: we know which carriers say yes, and on what terms.
Typical quote sites offer limited options once health questions get complicated.
Adjust your quote as you go
Live sliders change your coverage amount and term length and update the price instantly.
Typical quote sites rarely let you change anything without starting over.
Free tools
Plan with real numbers.
How much life insurance do I need?Add up income, debts, mortgage and college costs in about a minute and get a recommended coverage amount.Open the calculatorLife insurance rates by ageAverage monthly term life prices for every age from 25 to 65, by coverage amount and tobacco use.See the rate tables
FAQ
Questions, answered.
Straight answers to what people ask us most.
What is the difference between term and whole life insurance?
Term life covers you for a set period (usually 10–30 years) at a low price and has no cash value. Whole life covers you for your entire life, has fixed premiums, and builds guaranteed cash value — but costs significantly more.
Read the full answerHow much life insurance coverage do I need?
Most people need 10–15 times their annual income. A more precise answer adds your debts, mortgage, future education costs and final expenses, then subtracts savings and existing coverage.
Read the full answerIs whole life insurance a good investment?
Whole life is best viewed as permanent protection with a conservative, guaranteed savings feature. It can make sense if you need lifelong coverage or have maxed out other tax-advantaged accounts — but it is not a replacement for retirement investing.
Read the full answerCan I see my rate without giving my phone number?
Yes. Our rate checker shows your estimated price and likely health class after a few questions. You only share a phone number if you want an advisor to confirm the rate and help you apply.
Read the full answerDoes it cost more to buy through Policy Ocean?
No. Life insurance prices are set by the carrier and filed with each state, so you pay the same premium as buying direct. We are paid by the carrier you choose.
Read the full answerGuides
Learn before you buy.
October 10, 2024 · 19 min read
How to Choose a Term Length for Life Insurance
Compare 10, 20 and 30-year term lengths and learn how to match your policy to your mortgage, children's ages, income and retirement plans.
October 9, 2024 · 20 min read
Can You Cash Out an Annuity? Penalties and Payouts
Learn how annuities work with real examples, how to cash out early, what surrender charges and taxes apply, and how long annuity payments last.
See your rate in about two minutes.
No phone number needed to see your estimate. Compare 50+ carriers, then talk to a licensed advisor only if you want to.