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Term Conversion Application. For business sold by MetLife, NEW, MR and MetLife Auto & Home sales representatives. ETC-3-02 (02/11)

How to fill out term conversion application

How to Fill Out Term Conversion Application:

1. Start by gathering all the required documents and information. This may include your policy number, personal contact information, the term policy you want to convert, and any relevant medical records.
2. Begin the application by providing your personal details, such as your name, address, date of birth, and social security number.
3. Indicate the type of policy you are converting from and provide the policy number.
4. Specify the reasons for your conversion request. This could be due to the expiration of the term policy or your desire for a permanent coverage solution.
5. Provide information about the permanent policy you wish to convert to. This may include the desired coverage amount, policy type, and any additional riders or benefits you want to include.
6. Complete the beneficiary designation section, where you will specify who will receive the death benefit in the event of your passing.
7. Review the application carefully, ensuring all the information provided is accurate and complete.
8. Sign and date the application, along with any required witness signatures, if applicable.
9. Make copies of all the documents, including the completed application, for your records.
10. Submit the application to the insurance company through the preferred method, which may include mailing it or submitting it online through their website.

Who Needs Term Conversion Application:

1. Individuals whose term life insurance policies are close to expiration may need a term conversion application. This allows them to convert their temporary coverage into a permanent one, providing lifelong protection.
2. People who have experienced a change in their insurance needs may also require a term conversion application. For instance, if they initially obtained a term policy to cover a specific financial obligation but now require long-term protection for their loved ones or estate planning purposes.
3. Individuals who have developed health conditions since purchasing their term policy might consider a conversion application. This allows them to convert to a permanent policy without undergoing new medical underwriting, potentially saving them from being denied coverage or facing higher premiums.
4. Policyholders who desire the flexibility and additional benefits offered by a permanent life insurance policy, such as cash value accumulation, living benefits, and the ability to borrow against the policy, may find a term conversion application useful.

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What is term conversion application?

Term conversion application is a form used to convert an existing term policy into a permanent life insurance policy.

Who is required to file term conversion application?

Policyholders who wish to convert their term life insurance policy into a permanent one are required to file term conversion application.

How to fill out term conversion application?

To fill out a term conversion application, the policyholder must provide personal information, policy details, and indicate their desire to convert the policy.

What is the purpose of term conversion application?

The purpose of term conversion application is to allow policyholders to convert their term life insurance policy into a permanent one without the need for additional underwriting.

What information must be reported on term conversion application?

The term conversion application typically requires personal information such as name, address, policy number, and the desired coverage amount.