Group life insurance is a common benefit provided by employers to their workers. But unlike a private life insurance policy, your coverage is contingent on you remaining an employee. So when you stop working at that employer, what happens to your life insurance coverage?
There are multiple ways to keep your life insurance coverage from your employer once your employment ends, but it is important to choose the correct option. The possibilities might include conversion, continuation, or porting the coverage. Each of these will be specifically defined in your life insurance policy along with the procedure and conditions for exercising that option. Carefully consider each option available to determine what best fits your needs. An experienced employee benefits attorney can help you understand your life insurance policy if you have questions.