No, unfortunately, life insurance is not eligible for Cobra. The continuation of group benefits offered by the Consolidated Omnibus Budget Reconciliation Act only applies to health insurance benefits for employees and their families. It does not provide for continuation of life insurance or disability insurance group policies.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
No. Life insurance is not eligible for COBRA.
COBRA only applies to health insurance so people leaving a group health insurance plan can continue the coverage up to 18 months after leaving the company. It's only available to individuals and families covered under a plan with more than 20 employees enrolled. Your premiums under COBRA coverage are 102% of the total cost of insurance – this is important because many employers pay for part of the cost while the employee is still working. COBRA election applies to each person individually that is covered under a given health plan.
Since health insurance is guaranteed issue under the affordable care act, you do not want to wait until your COBRA coverage expires to look for a new policy. Doing so can cost you a lot more money unnecessarily. Consult with an experienced health insurance broker to compare your options and see which plan option will best serve your needs.
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.
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COBRA only applies to health insurance so people leaving a group health insurance plan can continue the coverage up to 18 months after leaving the company. It's only available to individuals and families covered under a plan with more than 20 employees enrolled. Your premiums under COBRA coverage are 102% of the total cost of insurance – this is important because many employers pay for part of the cost while the employee is still working. COBRA election applies to each person individually that is covered under a given health plan.
Since health insurance is guaranteed issue under the affordable care act, you do not want to wait until your COBRA coverage expires to look for a new policy. Doing so can cost you a lot more money unnecessarily. Consult with an experienced health insurance broker to compare your options and see which plan option will best serve your needs.
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.