What Happens to Life Insurance when You Leave a Job?
Oftentimes employers provide life insurance to their employees. Well, what happens if you no longer work for that employer? Losing group basic or voluntary life insurance through your employer can be a scary thought.
Keep Insurance After You Leave Your Job
Many people do not know that if they leave their employment they may be able to continue their life insurance through Portability or Conversion provisions. Good news. Typically you don’t need to complete an evidence of insurability or health exam to continue your life insurance. That means no lapse in coverage until you complete
What Is Portability?
Portability means that you can take your coverage with you (port) your group term life coverage.
What Is Conversion?
Conversion means you can change (convert) your coverage to an individual whole life policy.
Why Would Someone Choose to Continue Their Life Insurance?
The biggest reason is they are uninsurable. If you are unable to qualify for life insurance elsewhere then the Portability or Conversion provision may be a good option for you.
If You Have the Option of Portability or Conversion Which One Do You Choose?
* Generic Summary, please consult your Certificate of Coverage available through your employer for complete details about your policy