FedElta,
Thanks for the information, but as I said in my original post, when someone has the medical history that I do, their options are extremely limited. There wasn't an insurance company out there that would touch me with a 10 foot pole, so the conversion was a good deal, cost not withstanding.
The one really nice feature of the converted policy is that the premium, although quite high, will never change, and that's because the policy is a Universal Life policy, which is a variation of Whole Life. As well, and although I didn't take that option, the UL policy can accrue a significant cash value. I assume from your comment, that the policy you have with UNUM is a Term policy. If that's the case, the premium stays level for a number of years (like 10,15, or 20 years), but then as your age increases, and you hit those Level Term gates, the premium goes up, usually significantly.
Long story short, I'd have much preferred to buy a Term policy and pay the increase in premium along the way, but I was ineligible.
JJ