Superman - I replied to the other insurance thread, so I won't re-post the whole thing. I believe, though, that there are different "standard" policies when it comes to the end of a guaranteed policy term. Some allow the option to "convert" them to whole life. Others, like mine, allow the option to simply extend the current policy on a year-to-year basis with an age-adjusted premium. Still others allow no extension or conversion at all. It is sad that most of us never had VR or OHS on our minds when we first established our insurance coverage, as we might have made different selections.
I consider myself semi-lucky. I had a fairly substantial 20-year guaranteed term life policy that came to the end of its term a couple of years ago. The insurer sent me an invoice that simply allowed me to continue the same coverage, with no medical re-underwriting, no medical questionnaire, no additional documentation. The only rub was that my premium was the age-adjusted "rack rate" for the policy as if I had just applied for it at age 69. My annual premium is now about 2.5X what it was, but the coverage is seamlessly in place. It is pricey, but I'll keep it in place until I no longer need it as a family safety net. I look at it this way -- If I subtract each year's premium from the death benefit, there is no way I could possibly live long enough for the net benefit to reach zero, thus the family is better off if I just keep it.
