Below is a term life converting 101 from American National, it would work for most of other life insurance carriers too.
American National offers very generous conversion options on our term policies. Clients have the option to convert their term policy to ANY permanent policy available at American National at any time before the end of their level term period or before they turn 65 (whichever comes first). The conversion period will never be less than 5 years! Not only does American National allow the client to convert to ANY permanent policy that best suits their needs, if the policy is converted within the first 5 years, the client will also receive a conversion premium credit!
Converting from a term to a permanent policy is quite simple. The only paperwork that is required is a policy change application, USA PATRIOT Act Form, a signed illustration (or illustration acknowledgement), and a supplemental application. The beauty of a conversion is that if there is no increase in the face amount, the applicant does not go through additional underwriting and will not need to prove additional insurability!
Read out next blogpost for a case study from American National about term life conversion.