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Converting Group Life Insurance

How To Convert Your Life Insurance Coverage

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Once you have determined your conversion rights you are ready to move forward with the application for conversion. Take the following steps:

Step 1. Request a conversion application.

A conversion of your group life insurance is not automatic. You must apply for an individual policy to replace the group coverage that you are losing.

To start the conversion process, contact the group (your employer, union, bank or association), or insurance company and request a conversion application. Be sure to make notes about whom you speak when you make your request.

Step 2. Note any application deadline

Your right to convert your group life insurance without medical questions or a medical exam is usually limited to 30 days after the cancellation or termination of your group

coverage. Failure to file your application within the specified time frame will result in a loss of your coverage.

Make a note to send the application well before the deadline so there is time to send another copy if for some reason the insurance company doesn't receive your first attempt.

Step 3. Submit the application with your premium

Complete your conversion application and follow the instructions on the form for submitting it to the appropriate party. In some cases it may need to go to your employer first. Alternately, you may be instructed to send the application directly to the insurance company.

In most cases, you will need to submit your first premium payment along with the application.

Be sure to keep a copy of the application for your records, and keep notes about where you submit it.

Step 4. Follow up

Because your right to convert your coverage is limited to a certain time frame, it is a very good idea to follow up once you have submitted the application to be sure there are no glitches.

  • If the conversion form goes to your employer first: Confirm that the employer received it. Also ask your employer to notify you when the form is sent on to the insurance company. Then follow-up with the insurance company to be sure the form was received.
  • If the conversion form goes to the insurance company: Mail the application in a manner which will provide you with proof of delivery, such as Certified Mail, Return Receipt Requested or via one of the overnight services. In a few days, call the insurance company to confirm receipt of the application. Note the name of the individual that you speak with, and how long the person tells you it will take to process the conversion. Make a note in your calendar to remind you when to make the follow-up call.

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