Conversion of Group Life Insurance

Topics:
Health Insurance,
Stock Options
Tags:
Business Operations,
Corporate Insurance,
Finance,
Financial Planning,
Insurance,
Life Insurance,
Prudential Insurance Company Of America
Source:
the Division of Pensions and Benefits

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Overview: If you are covered by group life insurance while employed, the coverage ends 31 days after you cease employment (whether for reasons of retirement, termination of employment or leave of absence without pay). You are eligible to continue your life insurance coverage after you leave employment by purchasing a conversion life insurance policy, without medical examination, at your own expense. This Fact Sheet explains the issues that you should consider and the rules to follow when purchasing a conversion policy. You have the option to convert your group life insurance coverage to an individual policy with the Prudential Insurance Company when you retire, terminate employment or lose coverage while on a leave of absence without pay. This conversion to a Prudential policy is guaranteed (you cannot be denied coverage for health or other reasons), but it may be more expensive or less suitable to your needs than other policies for which you may qualify from Prudential or other insurance carriers

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Format: HTML | Size: 220KB | Date: Dec 2001 | Pages: 1

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