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

Converting a term life policy to a permanent life insurance policy is a process that many individuals consider as their insurance needs evolve. The process typically involves several important steps, following the guidelines set by the insurance company, in this case, Genworth Financial. First, the policyholder should review their existing term policy to understand the conversion options that may be available. Most term policies come with a conversion feature that allows policyholders to change to a permanent policy without the need for a medical exam, although this may depend on the specific terms of the policy. Once the policyholder confirms their eligibility for conversion, they will need to select the type of permanent policy that best suits their financial goals, as Genworth may offer different permanent options, such as whole life or universal life insurance. The next step involves contacting Genworth Financial to initiate the conversion process. The policyholder must complete any required paperwork and may need to provide updated personal information, although a medical exam is often not required. It is important to consider that premiums for permanent policies are generally higher than those for term life policies. Therefore, policyholders should take the time to evaluate their financial situation and long-term goals before proceeding with the conversion. For additional information, the official website of Genworth Financial can provide further insights and specific details about policies and procedures.