Policyholders have the option to convert this term policy into a permanent policy during the level premium period and before age 70. The minimum face amount for this product is $250,000. Penn Mutual’s Guaranteed Convertible Term life insurance is available in 10-, 15-, 20- and 30-year terms depending on your age (20 to 69) and tobacco use. Term life insurance does not build cash value. You can renew or buy a new policy after the level term expires, but you should prepare for a significant increase in premiums. For example, if you have 30 years left on your mortgage and want life insurance to cover it if you die, a 30-year term policy could be a good option. Term life insurance is life insurance for people seeking steady rates for a level term period.
