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Can I Convert A Northwest Mutual Variable Life Insurance Policy To A Term Life Insurance Policy?

Term Life Insurance & Whole Life Insurance Discussion

Can I Convert A Northwest Mutual Variable Life Insurance Policy To A Term Life Insurance Policy?

Postby Hawley » Fri Oct 06, 2017 12:16 pm

I signed up for the expensive Variable Life Insurance policy when I was making lots of money. Now that my earnings have dropped, the Variable plan is too expensive. I have some health issues which will prevent me from getting a reasonable rate on a new term life policy. Is it likely that NW Life will allow me to convert to term at the "health standard" that they used to sign me up 15 years ago?
Hawley
 
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Joined: Mon Feb 10, 2014 9:04 pm

Can I Convert A Northwest Mutual Variable Life Insurance Policy To A Term Life Insurance Policy?

Postby Dagon » Fri Oct 06, 2017 2:14 pm

Variable Life Insurance is not a good option, especially in economic times like now because of the possibilities of it coming back to haunt you like in your case.
Most likely you won't be able to convert to a term product because of definitions and wording in most life insurance contracts.
You will probably have to re-apply which is not the best option since you say your health is not too good.
Now that it has been 15 years since your policy has been in force, and depending on the performance of the variable life product, you may have some significant cash values from which you can draw money from and make choices accordingly.
Dagon
 
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Can I Convert A Northwest Mutual Variable Life Insurance Policy To A Term Life Insurance Policy?

Postby Ruddy » Fri Oct 06, 2017 11:54 pm

No, it's extremely unlikely they'll let you convert to a straight term policy.
Ruddy
 
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Joined: Sat Jan 04, 2014 9:00 pm

Can I Convert A Northwest Mutual Variable Life Insurance Policy To A Term Life Insurance Policy?

Postby Oliver » Sun Oct 08, 2017 2:58 pm

No.
Oliver
 
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Joined: Sun Jan 12, 2014 6:57 pm


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