Whole Life Insurance: Key Differences and How To ChooseHow we rate the best life insurance companiesHow we rate the best life insurance companiesAn insurance policy generally isn’t something you can return for your money back. MORE : Average life insurance ratesROP life insurance pros and consPros Premiums are reimbursed if you outlive the policy. If you’re not comfortable with the idea of paying into a life insurance policy that may expire, consider the lifelong coverage offered by permanent life insurance policies like whole life. Although you can’t convert this term life policy to permanent life insurance, Illinois Mutual does allow you to renew a return-of-premium term policy annually up to age 95. Find the right life insurance plan for you Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners.