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What happens to your life insurance policy when you quit or retire from your job, depends on how the policy has been set up. Let’s take a look at the possible scenarios:
Convert the Group Life Insurance into an Individual Plan
Employers offer group life insurance policy to their employees as part of the job benefits. When you quit or resign, your employer may offer you the choice to continue with the coverage, by converting into an individual plan. When you opt for this choice, you have to pay premiums for the rest of the policy term out of your pocket. This is the most common choice and most employees opt for this method.
Additional Reading: Types And Benefits Of Group Life Insurance Policies
Transfer the Policy to your New Employer
You can continue with the current policy but you will have to migrate it to your new employer. Note that this option is rare and works only when both your previous employer and new employer offer life insurance from the same insurer. To avail this option, you will have to connect with the HR/Finance department to see if you can migrate the plan to your new employer.
Lose the Coverage offered by the Group Plan
Some employers do not offer the option for employees to continue with the plan when they leave the job. In such cases, your coverage terminates the moment you quit your current employer.
In today’s workplace, it’s common for employees to switch jobs at least a couple of times during their career. This is why we recommend that you opt for individual life insurance coverage. With individual life insurance, you are covered at all times, irrespective of whether you are in a particular job or not.
Additional Reading: How does a group life insurance policy work