My term policy is for 30 years and when the policy expires i have the guaranteed right to convert to permanent life insurance without evidence of insurability. But more to the point, I probably won't convert because I only wanted to cover up until a certain age and once I hit that age my beneficiary probably won't need the money. In other words I covered myself during peak earning years, so if I pass away my beneficiaries won't be at a detriment financially.
Now during the years that I've had the policy. The savings between whole life and term I've invested in no load mutual funds. The balance of these funds are now valued at approximately 175k.
Just a lot better way to go.
