 Husband was laid off- I'm 30 weeks pregnant & now no insurance!? |
| What are my options? COBRA, but that could cost a ton more to keep! I can't believe we are having a baby with no insurance! We've always had great jobs and insurance coverage, and now we ... |
|
 Can I sue a company 7 months after an accident? |
| I was hired through a temp agency to do remedial administration work. However an office manager at this particular job kept passing work that he was to be doing off to me that wasn't in my job ... |
|
 Pregnant with no insurance? |
| I recently moved and I no longer have health insurance. I am 33 weeks pregnant. I do not qualify for Medicaid. are there any other inexpensive options? I am currently working part time but I won'... |
|
 Insurance claim? |
| i have tesco's home insurance and have had to make a claim on my sofa, but i have lost the receipt and the company i got it from has gone into administration and is no longer operating as a ... |
|
 Can I sue my insurance company for flood insurance? |
| We recently had a flood in our full basement. There was 3 inches of water covering the entire floor. The reason was our sub pump died and we had massive rain. We contacted our insurance company and ... |
|
 How can I get out of my company's health insurance plan before open enrollment rolls around? |
| I think i bit off a little too much during the good times, and now I cant afford my $400 health plan! My company open enrollment isnt until March, and they told me I cannot disenroll until then ... |
|
 Health insurance and reasons for application decline? |
| Hi, I'm hoping someone who works in the health insurance industry can help me out with this. I just applied for Blue Shield health insurance, and I got a call stating that my application has ... |
|
 How to be assigned a new insurance adjuster? |
| I was hit by a drunk driver. There were injuries involved, but medical treatment is now done. The adjuster I'm dealing with treats me like crap. Basically like I did something bad. He does not ... |
|
 I have recently been burgled. My insurance policy is "new-for-old". What does this mean exactly?.? |
| For example, a sony digital camera was stolen which was bought for 300 pounds, approx. 5 years ago. It was a high-end model 'at the time'. The insurance company want to replace it with a ... |
|
 Which is best life insurance company? |
| I want to buy a policy oc life insurance Pl. gude me.... |
|
 Mis-sold Payment Protection Insurance policy??? |
| Can anyone tell me where I would find information about how much a certain company has been fined for misselling PPI? UK only please.... |
|
 Do widow's get taxed on life insurance? |
| I need to know if when a husband dies and the wife receives the life insurance, do they take out any taxes? And if so does anyone know an estimate of how much?... |
|
 Life insurance? |
| has anyone every heard of national benefit life insurance company of ny ny? i got this letter from them in the mail and im a bit scheptical of it... lemme know so i dont pour all this money into it ... |
|
 Which celebrity would you feel most comfortable buying life insurance from and why? |
| When thinking who it might be, consider trust, looks and most importantly the product, life insurance. Homer Simpson would be out, consider carefully before suggesting a politician, think about ... |
|
 No health insurance.? |
| Public aid won't except me because we make too much. I can't afford health insurance for myself and my 6 yr old is on all kids with the state. Is there anything else out there that I ... |
|
|  |
dhowarddankar | Can you transfer your life insurance policy once fired? |
If i'm fired from the employer providing my life insurance policy can I take the policy & pay on my own it myself or can i get the money back that i put into the policy or is the policy just lost once fired? |
 |
 
Suzanne: YPA
 |
(This answer assumes you are a resident of the United States.)
It depends upon the state where the policy was issued. However, I can tell you that MOST states follow the National Association of Insurance Commissioner's (NAIC) model law which permits a person to "convert" their group life insurance into an individual policy. This conversion usually must be done within 31 days of the date your coverage under the group life insurance policy ended. Some states extend this period of time if you are not properly notified of your right to convert. Contact the insurer for the conversion paperwork; your insurer may refer you back to your ex-employer, however.
Conversion from group to individual life coverage is always WITHOUT an "evidence of insurability" requirement, meaning you do NOT have to tell the insurer anything about your health.
Depending upon what state the group policy was issued in, this conversion option is also available if the policy is cancelled by the employer. However, there are restrictions.
If you still have the Certificate of Insurance given to you when you first became covered, this will be explained in the "Conversion" section of the policy.
As some others wrote, you are not entitled to a premium refund. The premiums paid for a group term life policy are considered "earned" by the Company. Also, I've never seen a group term policy that offered any cash value that could be surrendered.
If you need more information about your rights, call the insurance commissioner's office in the state where you worked.
Here's a summary I found on-line that may explain further: go to page 3.
http://www.insurance-schools.com/Und_Life.pdf/Und_Life_CE_Part4.pdf#search='NAIC%20group%20life%20insurance%20conversion
I hope this helps. |
|
Doing the Right Thing
 |
most life insurance offered by your employer are called "group life insurance." since its a group insurance, you cannot take the policy with you. Premiums are never refunded on group insurance. |
|
bostonianinmo
 |
The vast majority of life insurance offered as a benefit by employers is group term life. You must be a member of the group, i.e. the employees of the company to be eligible for coverage.
On rare occasions, you may be able to continue the insurance coverage when you leave the company though it would be converted to an individual term policy with substantially higher rates than were payable as a member of the group. Check with your HR department to see if this is an option offered by your employer and the insurance carrier. You'd most likely have to provide proof of insurability -- usually a medical exam -- within a short time of your departure.
No cash value accrues on term insurance so you won't be entitled to any cash-out when you leave. |
|
laughter_every_day
 |
If it was through the job it was almost certainly term life and no, you can't take it with you because the term ends when the job ends. There are some that allow it. For instance, the military provides a small life insurance policy and when you leave you can convert it to another policy and keep paying on it and keep it in force. That is very unusual, however, |
|
Mom madness
|
You need to find out the name of the company who handles the insurance policy, ask them what your options are. Usually you can roll it over into another account. Some companies let you borrow on it etc. |
|
mkulda
|
If it is a group term life insurance policy, which most are...the answer is usually "no".
There are some policies that are convertible into a more 'universal' life policies and they may be, if you agree to pay a higher premium.
Term life insurance these days is so cheap, however, that you probably can still go out and aggressively search and get a pretty decent policy at a good price and it won't be that much more than your group plan. |
|
mbrcatz
|
Usually you cannot transfer it. It's usually lost when your employment terminates.
Group life insurance does NOT build a "cash value" to refund to you. |
|
lainey lain
 |
If the job is providing and paying a portion of the insurance, it may depend upon the portion they are paying, if better than 50 percent probably not! Your human resource department would know for sure! Peace! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 15 minutes(s) ago
| | | |
8 | 40 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
7 | 8 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 3 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 3 week(s) ago
| | | |
7 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Insurance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
