What is the recommended action for someone who needs more coverage but finds permanent insurance too expensive?

Choosing a term insurance policy with a convertible feature is a strategic option for individuals who require additional coverage but find permanent insurance products to be prohibitive in cost. A term policy provides affordable coverage for a specified period, allowing individuals to secure protection while managing their budget effectively. The convertible feature is particularly advantageous, as it allows the policyholder to transition to a permanent life insurance policy later on, without needing to undergo medical underwriting again. This can be especially beneficial if the individual’s health status changes over time, as it ensures that they can maintain coverage even if they develop health issues that could preclude them from obtaining a new policy in the future.

This approach balances immediate financial constraints with long-term planning, enabling individuals to start with more affordable term insurance while still keeping the option to convert to a permanent policy as their financial situation improves or their insurance needs change.