Mully1
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At 53 yrs old, does it make sense to convert my term life ins to an investment acct?

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Typically, when I'm trying to describe term insurance I refer to it as "pure" insurance. Essentially, you pay a premium and you receive a death benefit if something happens to you. There's no cash value or accumulation account associated with the life insurance. That being the case, I'm a little confused by your question. I would recommend you give one of our advisors a call at 800-771-9960 to discuss your specific situation. In any case, I think you need to gather more information before you move forward. 

 

Here are a couple of ideas that may be relevant as you assess your options:

 

Convert term to permanent life insurance. One of the nice features of term insurance is that it normally provides a cost effective means to get the coverage we need. That's especially true for the young and healthy. I'm not saying you're old, I'm right on your heels, but if you're reviewing your coverage now and have determined that you're going to need life insurance coverage well into the future, many term policies offer a conversion feature to allow you to convert all or part of your death benefit to whole life or universal life. Viewed in the context of maintaining coverage years into the future, this could make sense.

 

Converting life insurance premiums to other insurance. If you are no longer at a point where you need life insurance (or at least the policy in question), you may be able to redirect those premiums towards other coverage that may be more appropriate. For example, long term care coverage.

 

Converting life premiums to savings and investments. Perhaps things are all squared away on the insurance side of the house and you're more interested in building your savings or retirement portfolio. 

 

Before you make any move, make sure it fits into your overall game plan...both from a protection and savings standpoint. Good luck!

 

JJ