Usually not. Most universal life policies have no option to convert to whole life. To switch, you’d apply for a new policy and answer health questions again, and cancelling your universal life policy may be taxable if its cash value is more than what you’ve paid in. Keep your current policy until the new one is in place.
Can universal life insurance be converted to whole life insurance?
Reviewed by Garrett Agencies Ltd., October 2026. How we write
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More about universal life insurance
Permanent life insurance with flexible premiums and an investment account inside the policy.
More questions about universal life insurance
- What is universal life insurance?
- How does the investment component of universal life insurance work?
- Can I withdraw money from my universal life insurance policy?
- What happens when a universal life insurance policy matures?
- Are indexed universal life insurance (IUL) or variable universal life insurance (VUL) policies available in Canada?
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