Can a ING Investor Elite VUL policy be converted to term?

We've had the policy for 1yr only. The reason I ask, is that everything I have been reading tells me that a VUL is not the right way to go. And from what I have seen is the fees are high.

Since you have the policy only one year, there is probably no cash value in it. So, what you can do now is get term and see if you qualify for life insurance (which shouldn't be a problem). When you receive your term policy, you can cancel your VUL policy.

What you will notice when you replace the VUL with term is the lower premiums. What I would do with the extra money is invest it into mutual funds.

Contact ING. Probably not. Most policies can be converted from term to perm, but not the other way around. How long have you had the policy? Are you sure you want to get rid of it?

You need to contact ING, but many policies will allow you to cancel the policy and use the cash value to purchase a paid up amount of term. The only question you should focus on, is 1. how much cash value is in the policy and what do you want to do with that. 2. has your health or age changed significantly that would affect underwriting on a new policy. 1 option is to cancel the policy and take the cash value out, put the cash in an investment and purchase the amount of death benefit you need in term insurance with the lowest premium based on your underwriting risk factors.

Contact your agent/rep and figure out what your risk/time horizon is.

In general, I feel that you should keep your VUL policy.