Can Whole Life Insurance Be Converted To Term? 
No . Unfortunately , conversion is a one-way street . You can convert term insurance to permanent insurance but can not convert permanent insurance to term insurance . If you 're looking to get out of a whole life policy but still secure coverage at a lower price , you can look at completing a 1035 rollover into a Guaranteed Universal Life policy . It 's another permanent insurance program that minimizes the buildup of cash value to keep the premium at the lowest possible level with premiums and death benefits fixed and guaranteed for life . The 1035 rollover portion takes the cash value inside the whole life policy and applies it to the first year premium for the Guaranteed Universal Life policy to lower the premium even further . This can be a very valuable alternative course of action that is definitely worth considering . If you have a participating whole life policy , then the dividends paid by the program can be used to purchase paid-up additions to the policy -LRB- little amounts of paid-up coverage that accumulate over time that do not require additional premiums for the policy -RRB- . I hope the information is helpful . Please feel free to contact me for help with your coverage and if you have any other questions -LRB- you can reach me via the `` contact me '' button next to my name -RRB- . There are no fees for my services - all quotes are provided at no cost to you . Thanks very much . 