Converting Your Manulife Life Insurance Policy

Are you thinking about letting your term life insurance policy lapse? Have you spoken to a financial advisor or a life insurance specialist?

There’s hidden value in your policy if you know how to find it. And the decisions you make when choosing your policy and managing it down the road can affect your beneficiaries.

Don’t let any insurance policy lapse without consulting with an expert.

This is especially important when it comes time to convert your term life insurance to a permanent – or whole – life policy.

Converting your Manulife term life insurance policy

Let’s look at a Manulife term policy, for example.

You could be throwing money away if you let it lapse without looking at all the options. You bought this policy to protect your family – and perhaps your business – from the unexpected, and chances are you chose term insurance rather than permanent insurance.

It made sense at the time because, of the two options, term insurance had these benefits:

  1. It was affordable.
  2. It was flexible.
  3. It fulfilled your immediate, short-term needs.

But your finances are probably in better shape now than they were back then – there’s not the same uncertainty. You have a secure income, your financial obligations are shrinking – your kids have left home, you’ve paid off your mortgage, or you’ve downsized.

You’re starting to look down the road at retirement.

That’s when a permanent life insurance policy is a great investment, because it comes with powerful guarantees, and they’re built for long-term, tax-deferred growth.

When should I convert my Manulife policy?

It’s very simple. You can convert your Manulife term life insurance policy before the deadline, or anytime before your 70th birthday. If you’re not sure about the details of your plan you can contact us for help.

The nice thing about this process is that you don’t have to provide any medical information, or undergo a medical examination. If your term life policy does lapse and you decide to purchase another term or permanent policy, you’ll have to go through the whole underwriting process again…and you don’t want to go through that hassle, do you?

Why should I convert my Manulife policy?

Here are six great reasons to convert your term life policy into a permanent life insurance policy:

  1. You’ll build tax-deferred equity and cash value.
  2. It will further your estate planning and retirement goals.
  3. It can provide your company with “key person coverage”.
  4. You can leave gifts to your kids, grandkids, or the charity of your choice.
  5. You’ll establish tax-efficient collateral for a bank loan.
  6. It will be a source of funds when unexpected expenses arise.

At Shelter Bay Financial Corp. we can help you convert your Manulife policy, unlock its hidden value and create a safety net for yourself and, more importantly, your family.

It’s simple. And this is a great time to look into it – Manulife has a non-contractual privilege for anyone at the end of a Term 10 policy. Not many brokers know about this, so contact us if you want more information.

We provide services online, including screen-sharing options, so we can walk you through the process, step-by-step. The conversion will be quick and hassle free.

If you’d like to learn more about this, or any other insurance options, send us a note.