Unfortunately, you cannot commute a term life insurance policy into a whole life policy in Hutchinson, KS. This is because they are different insurance products. However, DJ Kauffman Agency can help you cancel your term life policy and start a new whole-life policy.
Term Life Insurance
Term life insurance policies only cover the policyholder for a fixed amount of time, often 10, 20, or 30 years. Your beneficiaries will receive a death benefit payout if you die during the policy term. The policy will expire without any death benefit payout if you survive the term.
You can also cancel the policy. If you don’t make your premium payments, the policy will be automatically canceled after a grace period. You can also end the policy by contacting your insurer.
Whole Life Insurance
A whole life insurance policy is permanent life insurance that covers you for your entire life. A whole life insurance policy continues for the rest of your life as long as you keep making premium payments. If you die while the policy is active, your beneficiaries will get a death benefit payout.
One of the major benefits of whole life insurance is that it offers lifetime coverage. If you’re looking for coverage that will last your entire life, then whole life insurance is the way to go. However, because it offers lifetime coverage, whole life insurance is much more expensive than term life insurance.
Contact DJ Kauffman Agency Today
If you’re located in Hutchinson, KS, the team at DJ Kauffman Agency would be happy to help you make the change from a term life policy to a new whole life insurance policy. Contact us today to get started!