Hi, at the present time, I have term life insurance with USAA. I noticed this when I was reviewing my policy online. I never gave it much thought. My policy shows that at the end of this year, I will lose the right to convert the term life policy to permanent life insurance without proving insurability.
1) The best value for life insurance is term life. Although I have NOT checked, the insurance premiums would go up significantly.
2) If, for some reason, I chose permanent life insurance over term, it would take many many years for any cash value to build up.
3) There really isn't a reason to convert over to permanent life insurance since the investment portion and life insurance portion should be kept separate.
Just wanted to be sure that my assumptions were valid. Please feel free to add your 2 cents.
Thanks,
Ray