How to Convert Term
How to Convert Term 
Symetra Term Conversion Credit
Symetra’s term life policies are fully convertible to a permanent policy at any time up to age 75. Why convert term to permanent?
For your clients:
- Earn a conversion credit. They may be eligible for a conversion credit to be used toward the new policy’s first annual premium.1
- Avoid exams. There are no additional exams or underwriting.
- Save money. After their term policy’s level premium period is over, permanent insurance may be a less expensive option (plus, premiums will never increase).
- Accumulate cash value. Their policy can accumulate cash value for future needs.
- Have their policy when it’s needed. They can have the peace of mind of knowing coverage will be there when they need it, as long as premiums are paid.
For you:
- Quote and convert fast. Use the Symetra Express easy online quote-and-apply tool to complete the sales process in about 10 minutes.
- Improve client retention. Permanent insurance leads to permanent relationships.
- Earn full commissions. The conversion credit is fully commissionable to you because you earn full new policy commissions on the permanent policy.
Step 1: Order your client list.
Contact the Sales Center for a list of your current Symetra term life clients at invest@symetra.com or 1-800-706-0700.
Calculate the conversion credit
Who Is Eligible for a Conversion Credit?
Clients who:
- Were issued a term policy in 2002 or later.
- Opt for a partial or full conversion.
- Have a policy that has been in force for at least 2 years, and that is still at least 2 years away from the expiration of the level term period.
- Are not yet 75 years old.
Prospecting Tools:
Conversion Prospect Letter #1 
Term Conversion Prospect Letter #2
Term Conversion Voicemail Scripts
Step 2: Demonstrate value to your clients.
Locate the schedule of premiums in your client’s term policy. It shows the projected premiums of the term policy when it transfers to “annual renewable term” premiums.
Show your client that with term, the rates will continue to increase after the guarantee period ends, unless the policy is cancelled or converted.
Client Account Access:
View your client’s account information online.
Articles on Permanent Life Insurance
A Policy That Pays When You Die, Not If
Why ‘Buy Term and Invest the Rest’ Isn’t Always the Best Advice
Sales Tip
If your client is converting to a Symetra Universal Life policy, it is not necessary to convert the entire policy. As long as the term portion is at least $100,000 and the permanent portion is $25,000, any portion of the policy may be converted.
Step 3: Use Symetra Express to run an illustration.
You can run a current age universal life (UL) illustration on Symetra Express.
Show your client that with a UL policy, their premium will not increase and after just a few years, may be cheaper than a term premium. Explain that for about the same amount of money, the policy can be “bought” instead of “rented,” accumulating cash value along the way. Be sure to tell them that there are no exams or underwriting.
Quote-and-Apply Tools:
Run an illustration.
Sales Tip
Explain to your client that a permanent policy will provide protection at a constant premium for the life of the policy and show them how much cash accumulation they’ll have after 20 or 30 years — money that can be used to fund a child’s college education, a medical emergency, or a second home. Discuss target (minimum) premiums vs. guideline (maximum) premiums and how they can accumulate cash quicker by using guideline premiums.
Sales Tip
If your client qualifies for a conversion credit, advise them to put the credit in the policy as additional premium for maximum impact on cash values.
Step 4: Complete the application process online — fast.
As long as the face amount remains the same, you need only complete Part One. You must complete the Hospitalization and Health questions for the application to process, however, they will be ignored.
In the Additional Applicant Remarks section, simply make note that it is a conversion and include the client’s Term policy number from which it’s converting.
Quote-and-Apply Tools:
Apply online.
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