Yes, many term policies offer a conversion rider that allows you to switch to permanent insurance without a medical exam.

Permanent insurance offers tax-deferred growth, but traditional investment accounts may provide better returns. Permanent insurance can complement, not replace, traditional retirement savings.

If your policy has accumulated enough cash value, it can cover the premiums temporarily. Otherwise, the policy may lapse.

A portion of your premiums goes into a cash value account, which grows tax-deferred. You can borrow against, withdraw from, or use the cash value to pay future premiums.

Permanent insurance offers tax-deferred growth on cash value and typically tax-free death benefits. It can also be used for tax-efficient wealth transfer.

Whole life offers fixed premiums and guaranteed cash value growth, while universal life provides flexible premiums and adjustable death benefits.

Some policies offer living benefits, allowing you to access the death benefit if you’re diagnosed with a terminal illness, chronic condition, or require long-term care.

Permanent insurance offers lifelong coverage, cash value growth, and tax advantages, making it a valuable tool for long-term financial planning. However, it’s important to assess your financial goals and budget.