Can an insurance company take your paid in full whole life insurance and turn it into a paid term policy?
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Can an insurance company take your paid in full whole life insurance and turn it into a paid term policy?
Asked on July 12, 2013 under Insurance Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Life insurance--any insurance--is a contract; the insurer may do anything that the policy states it can, so long as it does it in full compliance with the terms of the policy. To see whether or not your insurer could do this, you therefore need to review the policy and see under what conditions it could be converted. Also ask the insurer to explain why they did this, and point to the legal or contractual authority.
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