Employer-provided life insurance often ends when employment ends. Some plans allow portability or conversion, but deadlines can be short and premiums may change.
Portability
Portability may allow you to continue group term coverage as an individual certificate. Availability and pricing depend on the employer’s plan.
Conversion
Conversion may permit a change from group term coverage to an individual permanent policy without new medical underwriting, but the premium can be substantially higher.
Questions to ask HR
- When does coverage terminate?
- Is portability or conversion available?
- What is the election deadline?
- What will the new premium be?
- Can coverage be replaced through individual underwriting?