- You need to submit to convert a life insurance policy.
- Policies must be active and paid to date before a conversion can begin.
- If a rider or any benefits are added, and the face amount or net amount of coverage increases, a full application and underwriting are needed. This can be completed as an eApp or .
- AML documents are required when converting to a Par, UL, or Sun Permanent Life product.
- You can refer to the for more information.
- If available on the new conversion policy, you can carry over:
- Waiver of premium
- Accidental death
- Child term
- Owner waiver
- Business value protection
- Guaranteed insurability
- All product minimum rules apply.
- You can backdate Par and Universal Life (UL) policies up to 10.5 months. All other non-par policies can be backdated up to 12 months. Our Backdating to save age page has more information.
- Any unused premiums can be carried over and applied to the new conversion policies as a credit.
- If the Client is currently on disability and would like to do a conversion, the policy provisions will need to be reviewed to see if a conversion is available. Please contact the Advisor Experience Team for more information before submitting a conversion request in this scenario.
- Complete the for partial conversions when the portion not being converted is being cancelled/terminated.
The original policy cannot:
- have a bankruptcy notice on it.
- be collaterally assigned.
- have an irrevocable or preferred beneficiary.
- have a different owner from the new policy.
If you’re completing a conversion and changing the smoker status to ‘non-smoker’ and the original policy has smoker rates, we need a:
- Conversion application with the evidence portion of the application completed.
- Urinalysis (if the face amount is equal or greater than $100,000).
Note: Only the new policy will have non-smoker rates. If this is a partial conversion, the original policy will remain with smoker rates.
If you’re completing a conversion and changing the smoking status to ‘non-smoker’ and the original policy has blended rates, we need a:
- completed conversion application, and
- confirmation if the Client has smoked or used cigarettes, cigarillos, small cigars, pipes, chewing tobacco, nicotine gum or patches, betelnut or tobacco or nicotine in any other form in the last 5 years.
Note: Only the new policy will have non-smoker rates. If this is a partial conversion, the original policy will remain on blended rates.