term life insurance to whole life insurance

Can Term Life Insurance Be Converted to Whole Life Insurance?

Know if and how term life insurance can be converted to whole life, including eligibility rules, timing, and key considerations.

Written by : Knowledge Centre Team

2025-12-02

1177 Views

11 minutes read

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Converting a Term Life Insurance to Whole Life Insurance

Getting the best term plan that can be converted to whole life insurance easily has been made very simple. Most term insurance policies will offer a window of time during which policyholders can convert their plan. Also, no medical exam will be required again while converting to whole life insurance.

The best term insurance from a reputed insurance company assures flexible requirements and modifications. You can convert a term plan to whole life insurance by choosing the whole life cover option.

This plan offers to pay the person’s beneficiary with the assured sum in case of a person’s death or terminal illness, which can also happen earlier. As the name suggests, this whole life insurance plan covers a person’s entire life. A person who is converting and is to live past the premium expiration will get the benefit from the policies until they turn 99.

The process of converting term insurance into whole life insurance is easy and requires less paperwork.

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FAQ

As the name suggests, whole life insurance is a type of life insurance in which the insured is protected for their entire life. Generally, the plans offer coverage up to 99 years of age. It helps the insured financially protect their loved ones in case of any unfortunate event. 

Everyone should buy life insurance as it financially protects their loved ones and dependents in case of their unfortunate demise. It helps the family of the deceased in various ways, such as paying for loans, securing their children’s future and more. It acts as an income replacement. 

Surrender value refers to the amount that the life insurance company has to pay when a policyholder wishes to surrender the policy in between the policy tenure. The amount varies depending on how far you are into your policy. There are two types of surrender value in life insurance, i.e. Guaranteed Surrender Value and Special Surrender Value. 

Life insurance offers the policy nominees a sum assured if the policyholder dies, provided the premiums are paid on time, and the policy is active. A contract is formed between the policyholder and the insurance company, entailing details such as the sum assured, premiums, frequency, policy tenure, nominee details, etc. These details are mutually agreed upon and calculated considering the need, a 

Every person has varied needs and wants. The best life insurance offers plans to provide financial security according to these needs and wants. There are many life products available in the market to cater to the needs of every individual. It is important to note that not all life insurance is suitable for you and your family’s needs.

The main difference between them is that term insurance is a part of life insurance that financially protects your family in your absence for a pre-determined period. The cost of a term plan is comparatively cheaper as it is a pure protection plan, whereas life insurance has various plans that offer survival benefits, maturity benefits, and more.

You can easily determine your premium using Life insurance calculators. You just need to fill in details such as your birth date, annual income, lifestyle habits, and gender. After that, you select the choice of life insurance plan variant, premium payment frequency, and the amount and duration of the coverage.  The life insurance calculator will determine and display the premium payable for the i

Various types of life plans are available on the market to suit every individual's needs. The main categories are: 

  • Term Insurance  

  • Whole Life Insurance  

  • Unit Linked Insurance Plan (ULIP) 

  • Endowment Plan  

  • Money Back Plan 

  • Retirement Plan  

  • Child Insurance Plan 

  • Group Insurance Plan  

  • Savings & Investment Plans 

 

Every insurance policy has a coverage amount that the insurance company pays to the policyholder or their beneficiaries against the premiums received. This coverage amount is known as the sum assured. 

Surrendering a life insurance policy means giving up all the benefits, life cover, and investment value of the policy. It also means losing a big part of your investments so far in the plan. Here’s what you can do if you need to surrender: 

 

  • Make sure the policy is not in the lock-in period 

 

  • Complete the policy surrender form and visit the nearest branch of the insurer to submit - KYC Documents, Bank

 

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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