Often yes, but you must act fast. Many plans let you convert or port your coverage, and you usually get about 31 days after your work coverage ends to apply.
Work life insurance usually ends when you leave the job. The NAIC says you may not be able to take it with you.
Most group plans give you two ways to keep some coverage. Conversion turns it into your own permanent policy. Portability keeps it as term coverage and you pay the insurer directly.
Conversion does not need health questions. California says group life must let you convert when group coverage ends. The catch is cost. The new policy will probably cost much more.
Portability is often cheaper at first. In one state plan, rates go up in age bands every 5 years and coverage ends at age 70.
The window is short. In the New Jersey and North Dakota state plans, you get 31 days. Miss it and you lose the choice. Call HR or the insurer the week you leave.
- Ask HR for the conversion and portability forms
- Write down the deadline, often 31 days
- Get the price for both choices
- Compare with a new policy of your own
- Do not let coverage lapse before a new policy starts
More questions
Do I need a medical exam to convert?
No. Conversion is guaranteed in the plans we checked. You cannot be turned down for health reasons.
Which is better, convert or port?
Porting usually costs less now but goes up with age and may end at 70. Converting costs more but the price is locked and coverage lasts much longer.
Should I just buy my own policy?
If you are healthy, a new term policy may cost less. Get quotes before your deadline so you can compare.
Words to know
- Group life
- Life insurance offered by an employer or group to its members. You usually don't have to answer health questions, and coverage often ends when you leave.
- Portability
- An option to keep group life coverage that would otherwise end, like when you leave a job. It is offered in addition to conversion.
