You may convert these coverage(s) to an individual policy if your Employee or Dependent Life Insurance coverage ends because...
-
Your employment ends,
-
You (or your dependent) are no longer in an eligible class, or
-
You reach the limiting age or retire.*
The coverage amount of this policy will either be equal to, or less than, the coverage amount in force under the group Plan(s), as outlined under Conversion Privilege below.
You may not continue your AD&D or BTA Insurance once coverage under these Plans ends as explained previously under When Coverage Ends.
Back to Top
Conversion Privilege
If you lose your Employee and/or Dependent Life Insurance coverage, you may obtain an individual life insurance policy from the Insurance Company without providing proof of good health, as long as within 31 days after your group coverage ends you...
The maximum life insurance conversion policy you will be eligible for will equal your coverage amount at the time coverage ended, less any amount of life insurance for which you became eligible during the 31-day conversion period.
When your (or your dependents') life insurance coverage ends because that part of the group contract is discontinued as to your employee classification, you may convert your coverage to an individual policy as long as your coverage has been in force for at least five consecutive years before the discontinuance. The amount of this coverage will equal your previous coverage amount, less any new group life insurance amount for which you become eligible within 31 days of the discontinuance, up to $2,000 per individual.
Your converted policy may be any kind of individual policy then customarily being issued by the Insurance Company for someone of your (or your dependent's) age and class of risk at the time you convert. These rates will generally be higher than those charged under the group plan.
If you die within the 31-day conversion period, your beneficiary will automatically receive the full amount eligible for conversion.
Back to Top
