 What type of Life Insurance Should I get? |
| I am 33 and I'm pretty sure that I want to get term life insurance. I have a wife and 2 kids. It's affordable. I'm in good health. My question is should I get a 15 yr plan or 20 yr ... |
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 Homeowner's vs Contents Insurance? What's the difference? |
| I bought a condo and the outside structure is covered by an insurance policy which is paid for thru monthly maintenance. What additional insurance do I need to buy to cover the rest of my stuff? W... |
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 Life Insurance? |
| If someone has life insurance and also has a home mortgage, does the life insurance goes to the mortgage?... |
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 Can hospital discharge you if you have a small IRA? |
| The social worker is telling my retired mom (nearly 65) to deplete her IRA (her only savings) to pay for very expensive home health care (has no insurance and doesn't qualify because she is ... |
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 What happens if you fall ill in Canada with no travel insurance? |
Would you be left on the step or would you be treated? Just wondering...
Additional Details
Thanks guys!! 'Ontario Insurance Broker' would you mail me at 'made_in_... |
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 How much do you pay annually for health insurance? |
| Assuming you aren't provided it by your employer or are self-employed.... |
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 Confront Boss????? |
| I work for an insurance services. The office is just me and my boss. My boss wants to sell her business she stated in an email to another broker she wants to sell by June 1st. I found out because I ... |
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 I got a speeding ticket, but don't have insurance? |
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 What recourse do I have after being poorly rated for life insurance coverage (e.g. high rates)? |
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 If a credit card holder dies in a sudden accident, then is the family responsible to pay off the dues ? |
| The card is an insurred card and the premium was being paid regularly. Inspite of furnishing all necessary notarised documents, neither do the banks nor does the insurance company is working on it. <... |
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 My husband is trying to add my son (his stepson) to his health insurance plan? |
| I already have my son on my policy from my job. My husband was trying to add my son to his family plan at the same time he added me right after we were married, but my husbands HR director wouldn... |
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 What do you do when you have a totaled vechile and you are still making payments on and your ins. wont pay? |
| Please help i dont know what to do my insurance company is refusing to pay because my sister in law did no hava a current licences . and i can not sell it because we have 2 more years to pay it of. ... |
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 How Do I Get Insurance for a Married Teen Couple? |
Hello,
How do I get health and life insurance for a married teen couple?... |
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 Life insurance question? |
| Y do insurance companies call it life insurance? aint like we can insure our life and decide when we wanna die. it should be called death insurance since we cant use it until after we die. even then ... |
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 Health Insurance Question for child.? |
| I am 21 years old. I am in college. I am a Junior. I make about 8,000 dollars per year. I am having a baby in october. I am the father. I am getting married to the mother in July. What should I ... |
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kms | If you are fired illegally; what happens to your life insurance you have paid for for over 8 years? |
I worked as a salaried manager and paid for additional insurance. I was worngfully terminated due to workers comp. I never received anything from employer regarding life insurance policy I had paid extra for for over 8 yrs. Can they do this? Am I eligible for 1035 exchange or some type of rollover? |
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Just Ducky
 |
COBRA covers health insurance, which cannot be cancelled without offering it to you. As for life insurance, if it was term insurance, then it is just cancelled and there is no value to it. If it was whole life, then the amount you paid in should have a partial value, and the policy would have to either continue, or you would be able to cash it out. You should be able to ask at work. Regardless whether you have been terminated, they owe you explanations about these kinds of things. Or else contact the insurance company directly. |
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taketwo
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see a lawyer |
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Suzanne: YPA
 |
As several answerers have told you, life insurance is not an investment; most likely, this group plan was term insurance and has no cash value. Therefore, a 1035 exchange is not applicable.
HOWEVER -- the other answerers did get one thing wrong: when your group life insurance ends because your employment terminates (the cause doesn't matter), most states require the insurer to allow you to CONVERT your group coverage into an individual policy, without being underwritten. Typically, you have 31 days to elect to convert your coverage; if you are not given notice, most states require that additional time be given to you. If you still have your Group Certificate of Insurance, look for a policy provision called "Conversion Priviledge," or something of that nature.
Many insurers send the conversion paperwork directly to the ex-insured; however, by contract, there are some insurers that expect the policyholder (the employer) to send this paperwork, or to give it to the ex-employee at the exit interview.
I suggest you contact the insurer IMMEDIATELY to explore this subject, especially if you have health conditions that would prevent you from purchasing a new policy on your own.
For more information regarding your state's group conversion laws, contact your state insurance commissioner's office.
I hope this helps. |
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deep5223
 |
Suzanne is absolutely correct. There should be a conversion privilege that will allow you to convert to an individual policy without evidence of insurability if done within 31 days. It will probably be quite expensive, but may be worth it. Check it out. |
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jesus91874
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LIFE Insurance, is like Auto and Health Insurance. It doesn't pay to anyone unless you DIE! Now if you had CASH VALUES in your life insurance, it COULD still be in FORCE, and you need to get the cash values back in POCKET! NEVER get anything but TERM, though, because you can buy good savings better than they can give you savings. LEGALLY speaking, NO insurance can SAY they are an INVESTMENT! So, THAT should tell you SOMETHING. NEVER sink your money into LIFE INSURRANCE, unless your INCOME needs protection, to pay your bills, and raise your children if you die. |
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Gizmo
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Usually all benefits cease at termination regardless. If you are reinstated they should have to make you up.... |
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fr_chuck
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Most life insurance provided by an employor is term insurnace and is done though group police and normally can not be transfered or moved after you leave where you work.
You should have recieved a book or pamplet on the insurance when you started.
Though Cobra you may be allowed to continue certain insurance for a period of time, but this is limited.
These insurance plans normally gain no cash value but are purely term insurance, thus they have no cash value or any rollover status.
If you were fired illegally, as part of your law suit would be to be paid for the value of these services. |
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mkulda
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First it's hard to imagine that you would be fired illegally "due to workers comp". Was it the case that you were fired because you were drawing workers comp?
You are most likely an 'at will' employee, meaning that if the company doesn't want you to work for them anymore, they can fire you so long as they don't do so based on a limited number of prohibitions (like race, religion, etc.)
The fact that you were drawing workers comp benefits does not protect you from being fired for cause.....which means pretty much any reason they want to come up with, they can fire you.
If for example, you were injured and you were unable to work then they have a reason to fire you if you cannot work. Some states have some limited protections for injured workers depending on when and how the injury happened.
As far as the life insurance, you were getting a group life insurance plan (almost certainly a term policy) with the ability to buy up additional coverage, which you did.
If you are terminated in almost all cases, the coverage ends.
Remember there is no cash value to a term policy, you are only paying for protection of your loved ones if you die.
If you get fired, you lose the coverage. (There may be some insurers who will allow you to 'roll over' into another individually underwritten plan but you can just do this yourself anyway...so why bother). |
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