Still continuing on the insurance education subject, did you know that if you leave a place of employment and have life insurance coverage that you are able to personally convert this insurance to an individual policy within 31 days? Most employers offer what is called “group life insurance”. This type of insurance is convertible to “whole life” without a physical exam and rates are based on your current age. Again, most employers do not do a good job of explaining this ability to convert to terminating employees. Just the simple fact that you can convert to a whole life insurance policy without a physical exam can be a significant benefit. Perhaps most employers believe that the employee will be covered by their next company life insurance plan. However if you leave employment to become self-employed or simply take time away from the workplace and need life insurance, this opportunity to convert may be beneficial to you.
Return from Convert Your Company Life Insurance Policy to the Caring for My Parents Home Page
