The short answer
If your health is the same or better than when you bought your term policy, a new policy is usually the cheaper path. Converting earns its cost when your health has slipped or the need will last for life. MoneyGeek's sample shows the scale, a $500,000 term at $64 a month becoming $574 a month in whole life when converted at 40.[1] The deadline to convert is set per insurer and product, so find yours first.
- Banner OPTerm deadline
- End of the level period or age 70
- Stated by
- Banner consumer spec sheet, checked November 11, 2026
On this page
Run your numbers
Take the permanent premium from your insurer's conversion illustration and a new quote at your health today. Every figure loaded below is an example, sourced in the note under the result.
The three paths
- Keep the term and let it run. Cheapest when the need ends with the term. Coverage stops when the level period ends or when you stop paying the rising premiums after it.
- Buy a new policy. Priced at your age and health today. MoneyGeek points out that if you still qualify for preferred rates, shopping the market usually beats conversion, because the insurer controls which products are open at conversion.[1]
- Convert. No new medical exam, and MoneyGeek says your original health class carries over while the premium is set at your current age.[1] AccuQuote adds that some insurers allow converting only part of the policy, for example $250,000 of a $500,000 term, with the rest staying term.[2]
- Keep the term when the need ends first
- Convert inside the window when health has slipped
- Otherwise quote new cover first
How a change in health flips the answer
Health is the one input that can take a path off the table. A converted policy keeps the class you were given at purchase, so a buyer who has slipped from Preferred Plus to Standard keeps paying for the better class. A new policy would be priced at the lower class or not offered at all.
Example. A 40-year-old man with a $500,000 term he no longer fully trusts
- New 20-year term, Preferred Plus, 20 years of premiums
- About $6,720
- New 20-year term, Standard, 20 years of premiums
- About $12,960
- Converting all $500,000 to whole life, 20 years of premiums
- About $137,760
- Gap between converting and the Standard new policy
- About $124,800
New term prices are InsuranceGeek's March 2026 samples for this profile, $28 and $54 a month.[3] The whole life figure is MoneyGeek's $574 a month at 40 for a $500,000 policy.[1] Different sources, combined to show scale. Even after a drop of three classes, new term costs far less. Converting is buying cover that lasts past year 20, not a cheaper way to keep 20 years. Not a quote.
Sample price, checked November 11, 2026
- Male 30, $500,000, 30-year term, average
- $64 a month
- Same man converting to whole life at 40
- $574 a month
MoneyGeek's sample, page updated November 1, 2026. Preferred class, carried over at conversion. Insurer not named. Assumes the profile shown. Not a quote. Your price depends on your health and the insurer.
Deadlines and credits, insurer by insurer
The window to convert is separate from the length of the term and is often shorter. Fill the deadline into the calculator to count it down. Our conversion deadline tracker keeps more rows.
| Insurer and product | Convert until | Credit toward the new premium | Source |
|---|---|---|---|
| Banner Life OPTerm, base policy | Level period end or attained age 70, the earlier. Issued at 66 or older, first five policy years | Not stated by the insurer | Spec sheet [4] |
| Protective Classic Choice, base policy | Five years to the full range, then a narrower choice, with no last date given in the FAQ | Not stated by the insurer | Consumer FAQ [5] |
| Protective Classic Choice with Conversion Choice rider, paid | Up to year 18 or the anniversary nearest age 70, whichever is first, on a 20-year policy | Not stated by the insurer | Consumer FAQ [5] |
| New York Life term | Guidelines and timing limits may apply, no single date given | Premiums already paid can lower the first year of whole life, during the first five years of the term policy | Product page [6] |
| State Farm Select Term | State Farm says the options differ by state | Not stated by the insurer | Product page [7] |
Checked November 11, 2026. Consumer documents only. Riders are separate rows from base policies.
Partial conversion
Converting part of the policy is often the realistic middle. It keeps permanent cover for the lasting part of the need, such as a spouse's income in old age or final costs, and leaves the rest as term to run out with the mortgage. AccuQuote and MoneyGeek both describe this split.[2][1] In the calculator, enter the permanent premium for just the amount you would convert and a new quote for the same amount.
What this calculator does not do
It adds premiums. It does not project cash value or dividends, because those are not promised and depend on the product. It also cannot tell you whether a new policy will be offered at your health, which only an application can. For the price on the term side, the quote takes a minute. If your term is close to its end, the year-21 premium check shows what keeping it would cost.
Questions people ask
Does converting a term policy cost a fee?
MoneyGeek says most insurers do not charge a fee to convert. The real cost is the higher permanent premium.
Do I need a medical exam to convert?
No. Conversion uses the class from your original application, which is why it matters most when your health has changed.
Can I convert after the level period ends?
Usually not. At Banner the right ends with the level period or at 70, whichever is first. Check your own contract for the date.
Is it better to convert early or late?
Earlier conversion is priced at a younger age. Later conversion keeps cheaper term premiums for longer. The deadline caps how long you can wait.
Last updated November 14, 2026. Found an error? Call (305) 699-5857 and it goes in the corrections log.
Sources (7)
- MoneyGeek, Converting Term Life to Whole Life, updated November 1, 2026. Opened November 11, 2026. moneygeek.com
- AccuQuote, Can You Convert Term Life to Whole Life, July 9, 2026. Opened November 11, 2026. accuquote.com
- InsuranceGeek, Life Insurance Rate Classes, Preferred Plus to Table Ratings, modified June 12, 2026. Opened November 11, 2026. insurancegeek.com
- Banner Life, OPTerm Level Premium Plans product information for individuals, form CN04022026-2, no date shown. Opened November 11, 2026. bannerlife.com
- Protective Life, Protective Classic Choice term and the Conversion Choice rider with ExtendCare, frequently asked questions, form PLC.5547982 (12.25). Opened November 11, 2026. protective.com
- New York Life, Term Conversion, no date shown. Opened November 10, 2026. newyorklife.com
- State Farm, Select Term Life Insurance, no date shown. Opened November 11, 2026. statefarm.com
