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The Different Possibilities Your Life Insurance Could Face When You Decide To Leave Your Job
You’re either considering leaving your job or you’ve already done so. You’ve retired, quit, been fired or become disabled. You’re wondering what happens to the life insurance protection provided for you through your employer.
Today’s Topic Overview:
- Three Possibilities For Your Life Insurance When You Leave Your Job
- Case Study Examples
- Hard To Place Examples Of Serious Health Issues
- Work Life Insurance Policy Shortfalls
- Alternative Strategies For Life Insurance Coverage
Three possibilities for your life insurance when you leave your job
There are three main options. As an insurance agent looking in from the outside, it’s hard to say which one of these circumstances you would fall under. What I will do is describe my experience in dealing with my insurance clients. I’ll show you how you can handle each circumstance.
The policy is canceled
If you have a group life insurance policy in which you pay little to no premium, in all likelihood this policy will be canceled. If you plan to keep a life group insurance plan, you must continue to work for the employer in order to keep the policy on the books. Say that you become disabled due to an accident or occurrence on or off-site. If you lose your job your insurance may not come with you either.
The policy is ported
In some circumstances, you have the option to port the policy over to your new employer. This option usually comes with restrictions. Among them is whether the port of the policy will be allowed by the new employer.
The policy is converted
You may have on your life insurance what’s called a conversion option privilege. Conversion options simply allow you to take your group life insurance plan and convert it into a private plan that you could hold. Depending on how the contract is described, you could convert a portion or all of your life insurance policy.
This means that the plan would port with you because now it has become a private plan. It doesn’t matter if you are employed elsewhere or if you retire.
As an agent, I see a lot of people reaching retirement age and having to face the reality of what their life insurance does for them. Their human resource representatives don’t go into detail about how the life insurance programs work. In many unfortunate cases, they find out too late that it’s not nearly what they thought. Many of these plans tend to cancel when the policyholder quits, retires, or becomes disabled.
If you are looking for quality, affordable coverage why not get a free quote today by calling (888) 626-0439. You can also send us a request using our message board and we will contact you.
You are under no obligation to buy from us and can speak to an expert in a field to find out what you might qualify for.
Case study examples
Rate-ups and Weight Issue
An older gentleman recently reached out to me because he had dutifully paid on his life insurance coverage for many years when all of the sudden he received a notice that they were going to increase his rates. He was concerned about the new cost and decided to replace the coverage with a new policy.
The one issue my client had was that he had a bit of a weight problem. He wasn’t tremendously overweight, but his health record did reflect his doctor’s concern. He worried that this would impact his qualification for a new policy.
The good news is that since he decided to work with Buy Life Insurance for Burial we are able to shop the most competitively priced companies out there and offer him an affordable plan to replace his old one.
At the end of the day, he was pleased with the offer and decided to take us up on it. While no one can guarantee that you will be eligible for coverage, we will work hard to find coverage to meet your specific goals so that you can have peace of mind in knowing you have quality coverage in place.
Cancer Survivor Wanting to Leave Money to Grandkids
An older woman named Ms. Peterson recently requested information about how life insurance works because she wanted to provide gift money to her loved ones when she passed away. She had a number of grandchildren who she knew would benefit from a financial gift toward their future and wanted to leave behind something that would help them to remember her in a positive light.
The only issue was that Ms. Peterson had a history of cancer. She was in remission, but had struggled for over a year with chemotherapy to get to where she was today, cancer free.
Thankfully we work with a number of providers who cater to specific health issues like cancer. Given that Ms. Peterson had been given a clean bill of health for a number of years meant we were able to get her qualified for life insurance at an affordable rate.
Time is an important factor when it comes to a history of cancer. The longer the time that has passed since the cancer was successfully treated, the better chance of qualification. Though we can’t promise a positive outcome for every individual, we do our best to get coverage for every client who comes to us.
Hard to place examples of serious health issues
In this section, I want to detail some examples of how we have been able to help clients that have had significant health issues. You may think some of these conditions are not insurable, but that isn’t always the case.
Chronic obstructive pulmonary disease, or COPD, is a serious respiratory condition that can cause related issues such as chronic bronchitis, asthma, emphysema, and black lung.Buy Life Insurance for Burial has insured clients with COPD and other respiratory issues and has even been able to get preferred coverage in some cases.
Diabetes has become a national health concern. As more and more people are diagnosed with diabetes, insurance companies have become more flexible about qualifications. Sometimes people suffer from diabetic neuropathy as well, which can prove to be a difficult condition to get coverage for. We have been able to get coverage for neuropathy as well as those who take insulin every day.
Some people think cancer is an uninsurable condition, but that isn’t always the case. Given enough time has passed, there are providers who offer first day full coverage as long as the cancer has been in remission for a number of years.
Liver or kidney problems
Many people have problems finding quality life insurance when they have a history of liver or kidney problems such as cirrhosis of the liver, hepatitis C, or chronic kidney issues.
Luckily we work with carriers that in some circumstances will approve people for preferred coverage who have a history of hepatitis C, even if it has just recently been cured. There are also some circumstances where people with chronic kidney problems can get preferred coverage given that some other circumstances related to their health are ok.
Heart problems can include strokes, heart attacks, and the use of stints or pacemakers. Though these can be serious, with time they can become less serious to life insurance underwriters.
We have worked with clients that have any one of these conditions and we were able to qualify them for first day, full coverage. As more time passes, better life insurance options will become available as long as the person is in otherwise good health.
Neurological health issues
We’ve worked with many individuals with systemic lupus SLE, Parkinson’s disease, and multiple sclerosis. Though these conditions may seem difficult to provide coverage for, we were able to get all of our clients first day full coverage because we have access to a variety of carriers and some are more specialized at helping with certain health issues than others.
Again this isn’t something you will commonly find with many life insurance companies because these types of issues are usually declined.
Behavioral and mental health problems
Because we work with a variety of providers, we are able to get coverage for a variety of behavioral and mental health issues. This includes things such as depression, bipolar disease, schizophrenia, PTSD, and anxiety.
If you suffer from any of these conditions and have been declined in the past, speak to us. We may be able to get you first day, full coverage that other agents don’t have access to.
If you like what you have learned so far, get a no obligation quote to find out what you might qualify for. SImply call (888) 626-0439 or send us a message using our message board on this page. You will speak with a friendly representative who can answer any questions you might have and give you a better idea of what your monthly payment might look like.
Work life insurance policy shortfalls
Many people nowadays enter into retirement without adequate life insurance protection. Why would that be? It’s because they purchased it through work. It was very convenient. It was offered automatically upon becoming hired.
There are just not as many life insurance agents now offering private policies as there used to be.
What’s therefore happened is that people have trusted their employers to do those agents’ job. They offer health insurance as well as life insurance.
But unfortunately, many of the life insurance plans that are offered through employers just don’t do an adequate job. They don’t cover their employees adequately. They also fail in their portability. They have no options to be taken when an employee moves on.
I’ve seen a lot of people who have worked hard at keeping up with their payments on every aspect of their life just to lose their insurance coverage. They find out that their insurance, that meant a lot to them, that was important to keep, will not go with them. Even if it would have, if they work past a certain age bracket it automatically cancels.
Not enough coverage
Even if you can port your insurance policy, it’s not enough. Say that you can actually port the insurance coverage to a private plan or you can move it to another employer altogether. This is an inadequate solution.
Most of the policies out there that are offered through employers only give you a small multiple of your current wage. If you make $50,000 a year, you may only get $50,000 to $250,000 in coverage availability.
The unfortunate reality is that this kind of coverage is simply not enough to pay financial obligations if you were to pass away.
Yes, it can replace your income for a short period of time. But usually, most people have debt obligations, mortgages, and financial planning goals. Paying for their kid’s college. Saving enough for retirement.
Generally speaking, it leaves a lot to be wanting. Your surviving family will find themselves in poor circumstances pretty quickly with a lump sum payout like that. The solution is to pick up a supplemental policy. Add to your work group insurance through a private policy that you hold.
This is the kind of policy that we offer here at BuyLifeInsuranceForBurial.com. We can shop the major contract carriers out there. We figure out who’s going to give you the best overall price and coverage.
This will allow you to get coverage that’s more in the range that most financial planners agree is adequate. That’s around 10x your annual earnings in life insurance coverage. If you have $250,000 on a $50,000 income, pick up an additional $250,000 in coverage. This will maximize your coverage out at the $500,000 mark.
This hits the 10x goal and would leave a substantial amount behind to your family. If something happened to you earlier than expected (God forbid), then the likelihood of them facing financial struggle will be minimized.
Life insurance plans via employers tend to be much more expensive. Let’s say you can convert or port your coverage over to your new insurers. If you’ve got more than a basic wage coverage amount in place then you may be paying much more than you have to for your coverage.
When we sit down with our clients here at BuyLifeInsuranceForBurial.com, we often find that they have picked up additional coverage through their employer. We then compare it to a private policy that they can purchase on their own. It does not even stand close to the kind of value that we can provide.
Even if you can port your coverage over, it’s still worth doing a comparison. See if you can improve upon what you’re paying for. You could get a better overall package for coverage, especially if you don’t have enough coverage on the books.
You need that 10x in coverage as a minimum. You might find that you can get that amount without paying much more than you already are with your company.
Alternative strategies for life insurance coverage
You need to investigate whether you have enough life insurance coverage in place. It’s important to have as much coverage as you can through your employer. In the advent of you leaving your job for whatever reason, it’s important to have some kind of life insurance coverage with you.
Whether your current coverage can come with you is somewhat beside the point. It’s still likely that what you have on the books right now is just not enough to do the job of taking care of all the financial obligations that are out there when you pass away.
Please let us help you. It’s very simple. You can give us a call at (888) 626-0439. Or send us a message. You can do that by clicking the contact box; the one at the top or the bottom. We’ll be happy to shop the most competitive carriers out there to see what kind of options we can add to your existing life insurance program.
Thanks for stopping by and reading this article. I hope it has impressed upon you the importance of getting quality life insurance in place. If you are worried about taking care of the ones you love after you pass away, life insurance is a great solution.
To get a free, no obligation quote, contact us today at (888) 626-0439. You will speak with an expert in the field who can guide you through the process. It takes 10 minutes or less and you will be under no pressure to buy from us.
You can also send us a message using our message box on this page. We will be in touch within 24 business hours.