Can Whole Life Insurance Be Converted To Term? 
No . If you have Whole Life and would rather have Term insurance , you could go a couple directions . 1 -RRB- Keep your whole life and purchase an inexpensive term policy to go with it.If you have been paying on your whole life for a long time , you may be able to quit paying premiums and still have a nice policy to keep for the rest of your life . You will probably never be able to purchase a new whole life policy as cheaply as the one you have now . 2 -RRB- Surrender your whole life and buy a new term policy . You may have some cash from your whole life that you can put toward your term policy . However , you can not buy term with a single premium - it must be on a pay period -LRB- monthly , quarterly , semi-annually , or annually -RRB- . So if you want to trade one for the other , put the money of the whole life somewhere where you wo n't be tempted to spend it on other things . 