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One important thing to look at when you're shopping for term life insurance is whether or not it has a conversion credit. This basically means the policy can be converted to a whole life policy if you choose to do so. While you may not plan to convert your policy, it's a good idea to have the option open to you in case your life changes direction in the future and you need to convert it.
The reason you want to find a policy that's convertible is because it provides you the ability to convert it to term life insurance without proof that you're in good health. This means if you develop cancer in the last few months before your term is up, then you may be able to convert it to a whole policy for a very attractive premium. Without the convertible option on your term life insurance policy, you'll have a much more difficult time getting whole insurance because the premium will be very high.
Don't be fooled by low-premium policies which do not offer the convertible option. It's very common for insurance companies to reel in customers with the offer of a low premium without mentioning that the term life insurance policy cannot be converted to whole insurance. Just make sure whenever you shop for insurance that you compare two policies that are alike. Don't try to compare one policy which has a convertible option to another policy that doesn't.
The comparison can't be made effectively because you simply don't know what life's going to throw you.
Always put your family first when you're making a decision about life insurance. It's better to have insurance you can adjust to fill their needs if something catastrophic happens to you. And don't forget that if you beat that bout of cancer, you've still got your whole policy, which keeps gaining value through the years.
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