If I Leave My Company, Can I Take My Life Insurance Policy With Me?

Life insurance, no matter what type, is one of the best ways to protect your family in the event of your early death. And some group life insurance contracts allow you to convert the policy to an individual contract if you leave your current job.

Generally you have 31 days from your last day of work to submit your conversion application, and there may be other requirements that are spelled out in your employer’s master contract. In most cases, conversion rates are more expensive than an individual policy that you could purchase on your own if you are healthy. However, the more serious health problems you have, the harder it is to get insurance. It’s great to know that with a conversion option, you are guaranteed to be accepted, even if the rates are higher.

Your premiums will be based on your current age, and the policy will be in the same amount as you had with your employer’s plan. And while that may have been exactly what you wanted at one point, chances are your needs have changed since that policy was first issued. It’s best to speak with a BeamaLife insurance specialist to make sure you have the type and amount of life insurance you need. Contact a BeamaLife specialist today at (877) 972-3262 or complete life insurance quote request now.