Group Conversions
Did you know that when you leave your group plan you can convert your group life insurance to an individual term or permanent coverage without providing evidence of insurability. So even if you are unhealthy, you can get life insurance without paying extra.
How is this possible? The group plan sponsor pays the insurance company an amount to compensate for the lack of underwriting.
You must usually apply for the individual coverage and pay the first premium within 31 days of leaving the group.
TIP: Coverage under group plans varies. Check yours.
page revision: 1, last edited: 05 Apr 2007 02:58