When considering converting a convertible term life policy to whole life, which factor is likely to affect the decision the most?

The decision to convert a convertible term life policy to whole life is significantly influenced by the cost associated with the whole life insurance coverage. Whole life insurance typically has higher premiums compared to term insurance due to its savings component and lifelong coverage. When evaluating a conversion, individuals must consider whether they can afford the increased costs while still meeting their financial obligations and goals. The premium is often a decisive factor because it affects the affordability and long-term sustainability of the policy.

While the coverage amount, policy benefits, and beneficiary rights are important, the practicality of maintaining the policy over time hinges on its cost. If the premiums for whole life are unmanageable, an individual might decide against converting even if the other aspects seem beneficial. Hence, understanding the financial implications makes the cost the primary consideration in the conversion decision.