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Converting Group Life to Individual Plan
Sep 8, 2006

Someone told me that I can convert my group life insurance to an individual plan within 30 days of termination of employment. I was also told that doing affords me the opportunity of conversion without an EOI. Could you confirm/explain this process, including how one goes about converting? If it matters, I live in Texas.

Response from Ms. Franzoi

This is correct. Most group term life insurance plans have a conversion option. This means that you can convert the life insurance face value or a lesser amount within 30 days of the date your coverage ended without providing evidence of insurability. You will be able to purchase the coverage from any of the life insurance products offered by the insurance company - whole life, flexible premium life, etc. You will need a conversion form from your former employer showing the contract number of your company-provided coverage and confirming the date the coverage ended. Take that form to any office of that insurance company or any broker who places insurance with that company, find out what policies are available and the cost associated with each policy and then apply for the policy you want. The Benefits Derpartment at your former employer should be able to provide you with the form and all information on how to convert.

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