Principal has a very flexible term conversion program:
♦ Term conversions are available to all existing clients (whether business related or not). Term policies can be converted during the conversion period or up to the policy anniversary nearest age 70.
♦ Term conversions are available for all permanent products that are currently being offered.
♦ Two term policies can be converted to the SUL Provider policy. Ability to convert to double the lowest face amount of the term policies when converting to SUL. For example:
- Each spouse with a $5m term policy → can be converted to $10M.
- One spouse with $5m term, one spouse with $3m term → both policies can be converted to $6M.
- One spouse with $5m term, one spouse without term coverage → convert the $5m to $10M and underwrite the spouse.
♦ Partial term conversions are permitted provided that the remaining term policy meets the minimum death benefit of $200,000.