Content Overview
- Summary
- What Is The Right To Convert?
- How Much Can I Convert?
- How To Determine Your Conversion Rights
- Should You Convert Your Group Life Insurance?
- How To Convert Your Life Insurance Coverage
- What If I Have Federal Employee's Group Life Insurance, Veteran's Group Life Insurance or Servicemen's Group Life Insurance?
- What to Do If You Weren't Given An Opportunity to Convert Coverage
Converting Group Life Insurance
How To Determine Your Conversion Rights
Next » « Previous4/8
To determine what your conversion rights are:
Pull out a copy (or if you don’t have one, obtain a copy) of your certificate of coverage or a summary plan description.
These are both documents to which you are legally entitled and which should have been supplied to you as a result of your participation in the life insurance program.
If you do not have either of these documents, you may request them from the group (for example, your employer, union, bank or association), the policy administrator, or the insurance company.
If it appears that you may have difficulty obtaining this information, we recommend that you put your request in writing and keep copies of all requests for information.
Look for the appropriate provision in your policy for your situation:
Eligibility: The provisions detailing the eligibility for coverage for various classes of employees (full-time vs. part-time, for example) will specify which group members are entitled to which levels of coverage. These provisions should also indicate what happens in the event that you change from one class to another.
Conversion: The conversion provision generally details what your rights are in the event that you leave the group and thus are no longer eligible for the group coverage.
Cancellation of the Policy: This provision will explain your conversion rights and indicate any cap on the amount that can be converted in the event the entire policy is cancelled.
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.