Some group term life insurance is portable and some is not. You would need to contact your HR department at your place of business to get this information about your policy. While you are there, also ask them if your group term life insurance policy is convertible to permanent insurance.
While some group term life policies are portable you may want to explore other options before converting the policy. If you are healthy you may find far better rates in the individual market. If your new employer offers a program that may work better as well.
Many ported group policies require no evidence of good health. The people most interested in converting group policies are sick. This behavior (adverse selection) drives up rates very high.
Group life insurance portability is a "it depends" answer. Some plans are set up to expire upon your termination of employment regardless of reason. Some plans will offer you coverage subject to some underwriting. Some plans will remain the same but at a much higher premium than your employer was paying. Contact your owner or larger company human resource benefit manager to find out which plan you may have.
That is a great question! In most cases, the group policy (and the rest of your benefits) end when your employment does. There are some cases where the company insurer allows the portability of your policy, so it never hurts to check with your HR person, or plan administrator. Be aware that the premiums on your policy may increase once you are no longer under the company umbrella. Thanks for asking!
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
In most cases as mentioned above group term life insurance is not portable, but the benefit ends with your employment with that particular employer just as all the other employer provided benefits do. However if you have purchased additional insurance to that which your employer has provided that portion at least should continue with you. You may also have the option to convert your term policy to a whole life policy and that you would be able to keep wherever you go. It might be advantageous to do a little "shopping" before you do that though. Check with an experienced Insurance Adviser/broker to see what the best option is for your situation.
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Many ported group policies require no evidence of good health. The people most interested in converting group policies are sick. This behavior (adverse selection) drives up rates very high.