Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jul 2, 2021

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The Brief

  • Extended term life insurance allows you to use your whole life insurance policy’s cash value to buy term life insurance
  • You don’t have to pay rates with extended term life insurance
  • Some of the best term life insurance companies are Haven Life, Nationwide, and New York Life

Extended term life insurance, also called reduced paid-up insurance, provides the option to convert a whole life insurance policy to a term life insurance policy.

So what companies offer extended term life insurance? And does extended term insurance have a cash value?

Keep reading to find out everything you need to know about securing affordable extended term life insurance.

Searching for affordable extended term life insurance? Enter your ZIP code to get free quotes from top companies.

What is extended term life insurance and how does it work?

Extended term life insurance helps you to convert your whole life insurance policy to a term life insurance policy.

Once the cash value from your current whole life policy accumulates to a sustainable amount, that cash value can be used to buy a term life insurance policy that will cover you for as long as your cash value permits.

Once you switch to a term life insurance policy, you won’t have to pay rates anymore, making extended term life insurance a good option for those looking to cut down on insurance costs.

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What are some of the best term life insurance companies?

When switching to a term life policy through extended term life insurance, finding the right insurance company is important.

Some of the companies that offer the best term life insurance options include Haven Life, Nationwide, and New York Life.

Haven Life offers an easy-to-use online system and great customer service. An accelerated death benefit is also available, making it easy to access a portion of your life insurance death benefit if you become terminally ill.

These factors make Haven Life one of the most convenient and simple term life insurance companies.

Similar to Haven Life, Nationwide also offers online tools and resources that are simple and easy to use, which makes Nationwide a good life insurance option for those who are new to purchasing term life insurance.

New York Life offers customizable term life insurance policies, great customer service, and very few customer complaints for a company of its size. A.M. Best gives New York Life a financial strength rating of A++.

How much are extended term life insurance rates?

When switching from whole life insurance to extended term life insurance, your policy’s cash value will be used to purchase a term life insurance policy.

Because of this, you won’t have to pay rates on your insurance for as long as your extended term life insurance policy lasts.

Shopping for life insurance? Enter your ZIP code to get free extended term life insurance quotes.