During our lifetime, we normally purchase life insurance to protect our family against a premature death. To do that, most people purchase term insurance because of its relatively low cost. This makes perfect sense because the need is great, but mostly temporary. As children grow and other assets may grow as well, the need for large amounts of coverage may become unnecessary. Tip #1: Convert Now If you currently have a term policy and you’re over 70, the first thing you should do is check with your current life insurance company to see if that policy is still convertible into “permanent” coverage . If your policy is still convertible (some carriers allow conversion up to 75) then it makes sense to compare the conversion policy premium to the cost of a new policy. Converting a policy requires no medical underwriting. Whatever health rating you were given when your term policy was put in force will be the health rating you get on a conversion policy. This is a great deal in m...