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bobokity | What happens to my life insurance that I paid for after I lose my job? |
I purchased extra life insurance through Met Life while I was employed at my last job. I got fired in August. I paid a lot of money out of my pocket and I want to keep the policy. What do I do?
Additional Details
All the money I paid, they get to keep it? Not a fair deal, it's like giving away money. |
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Chris C
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It doesn't matter how long you were with the company or how much you paid into your benefits. Group benefits through your work are only good while you are working there. They are owned by your employer so they have full rights to do whatever they want to do with them. They can cancel them without notice, they can change your coverage without notice, etc.
IF you purchased extra insruance through Met Life this depends if it was an individual policy or if this was just buying extra units of insurance through the group plan. IF it was purchased through the group plan you lose that when you are terminated...that's just how group benefits work and why people should look more to individual policies if you want stable coverage.
You will have a certain amount of time to convert the group plans to an individual policy without provicing new evidence, but the premiums are based on your current age and such. Your tenure with your company means nothing in this process. If you are healthy and have no medical conditions you are better off just applying for a regular policy rather than the no medical stuff becasue that will be fairly expensive.
If you would like coverage that you can keep no matter where you work, get an individual policy from an insurance broker. It will be more expensive, but you won't have to worry about losing it. Then if you have the option at your next employer, just decline the coverage they offer. |
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raysor
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Depends how long you have been paying. If less than about 5 years there is not much you can do. If longer you may be able to turn it into a Paid-up Policy in which you keep the policy benefits accrued to date but pay no more premiums. The amended sum assured cannot be had until the policy matures. Talk to your insurance company or agent to see the options. |
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sarah314
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You would have to check with Met Life to see if it is possible to continue the policy. Of course, you would have to continue paying the premiums yourself out of pocket. (And your premiums may increase, because you are no longer part of the group coverage through your employer.)
Quite often, the policies that employers offer are only good for as long as you are employed there. However, sometimes the policy is set up so that you can keep paying out of pocket for it yourself.
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franceman
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As long as you keep up the premium payments, the policy should be viable and be in force. Contact Met Life and they should be able to explain it to you. |
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srbyn1
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Call Met Life & speak with a Rep & see; they should offer you the right to roll it over to you, personally, but these co's can be tricky as heck. You could go to MetLife, on-line & do some searching, too; there should be a ? & Answer section. Do this & call, both, A.S.A.P before the payment falls due, for some of these places could cancel your policy for late-payment. |
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src50
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Depends on what kind of policy you're talking about - you are not specific. If it's an employer group term insurance plan, it will likely terminate with your employment. |
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mbrcatz
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When you get your COBRA package, there should be paperwork there to "convert" that life insurance to a private whole life policy.
You have to convert it, and pay the additional (substantial) premium. That group policy that you had insurance with, was TERM coverage. That's the cheapest way there is to buy insurance.
And, of course the money that was paid for premium, is kept by the insurance company! It's just like buying a lottery ticket, but your odds of cashing in are better. You don't get a refund because your number didn't come up! |
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