How Do You Convert Term Life Insurance To Whole Life Insurance? 
First , `` converting '' a Term policy to Whole Life is n't what it sounds like . In most cases there is a time limit by which you must `` convert '' otherwise you loose the one benefit of this kind of conversion . Some , -LRB- very few -RRB- , providers will actually credit a small amount of what has been paid into the Term policy to the new Whole Life policy as long as you 're converting with the same provider . When `` converting '' from Term to Whole Life within the allotted time frame , the one benefit that is being `` converted '' to the new policy is the `` classification '' of the insured . In other words if the classification was `` Preferred '' or `` Standard '' , -LRB- whatever the classification was -RRB- , with the Term policy , that same classification will be given to the new policy without having to have another medical exam or underwriting . But the premium for the new policy will be adjusted to the attained age of the insured as well as the benefit amount . So how do you go about converting your Term to a Whole Life ? Contact your agent or the provider , let them know that 's what you would like to do . You may be able to or you may not be able to . In either case you most likely will loose any money paid into the Term policy . 