We are happy to announce we have settled a $150,000 life insurance claim originally denied.
When it comes to life insurance policies, portability and conversion are two important concepts that are often confused with each other. Here are the differences between the two:
Portability: Portability refers to the ability to transfer a life insurance policy from one insurer to another. In other words, if you have a life insurance policy with one insurer and you want to switch to another insurer, you may be able to transfer your policy to the new insurer without having to purchase a new policy. Portability can be beneficial if you want to keep your existing policy but would like to take advantage of better rates or features offered by another insurer.
Conversion: Conversion refers to the ability to convert a term life insurance policy to a permanent life insurance policy. Term life insurance policies provide coverage for a specific period of time (usually 10, 20, or 30 years), after which the policy expires. If you have a term life insurance policy and want to continue coverage beyond the expiration date, you may be able to convert the policy to a permanent life insurance policy. Permanent life insurance policies provide coverage for the rest of your life and can also accumulate cash value over time.
Bottom line... portability refers to the ability to transfer a life insurance policy from one insurer to another, while conversion refers to the ability to convert a term life insurance policy to a permanent life insurance policy.
If your life insurance claim was delayed or denied, call our top life insurance lawyers today.