If My Employers Life Insurance Plan Ended When I Left the Job, Can I Convert it to a Personal Policy?
Given our recent economics times there has been a rise in the number of people wondering about what happens to their benefits from their employers if they are laid off. They also want to know if they will be able to enroll in an individual policy if they are dropped from their employer’s plan when they are laid off.
The good news is that you will be able to convert insurance policy that you hold with your company into an individual policy in almost all cases. Once you have discovered that you will be losing your job, then you need to contact your HR representative to figure out exactly how you can convert your policy. It is important that you act quickly, because you only have 30 days after your notice of termination to be able to make the critical steps to convert your policy.
It is important that you go ahead and take advantage of this program, because you do not want to have to go one day without your policy.