Looking for advice on converting to IUL

Hey all, I'm strongly considering using my term policy's conversion option. It's with American General and I'd be looking at an indexed universal life (partial conversion). Typically, I'm pretty anti whole or universal but I think I may be one of the people it's right for.

I have a life insurance need for the next 15-20 years. I prefer 20 to cover my family's life goals if something should happen to me. My current policy lapses in about five years. Since I got my initial policy to now, I'm a decade older, I've had cancer, I have a diagnosed mental health issue (anxiety), and my one surviving parent died. So basically, low 40's, cancer survivor, and no living parents (they both died under 60 years old). I'm also "obese" according to BMI.

Please help me understand and feel better about converting. My family can afford the quoted rate, it's actually lower than I thought it would be. I'm just not sure if I should opt for the safe choice of conversion or hope for a better rate in the term market on a 15-20 year policy (basically would cover age 43-55ish, preferred 43-60ish). I did get a rough quote last year (not a firm quote because I didn't apply) and it was more $ per month for a lower face value. That is what got me considering conversion. I think insurance companies might not want to touch me at all and if they do, it seems the term rates might rival UL anyway.

Also, can they jack up the premiums on IUL? That's my only significant concern, that they tell me it's one rate then corner me later and then greatly increase the monthly rate.

Thanks for any insight you have.

submitted by /u/CommunityLeading5018
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