Generally, the answer to your question is yes, it is portable, if you mean that you purchased life insurance through your employer and you now want to leave that employer and take your life insurance with you personally. You would normally convert the policy to an individual plan and set up payment directly with the insurance carrier. Not all employers or life insurance carriers allow this but many do in todays environment. Again, generally, this is a good idea to take this insurance coverage with you especially if you have a health condition, are overweight or possibly even a smoker. Many employer life insurance plans have a guaranteed issue amount that is issued to all employees regardless of health, gender or possibly even smoker status, so therefore life coverage on the "open market" may possibly be more expensive.
If you are young and healthy though, it probably would be a good idea to consult an independent broker to replace that employer coverage as the rates may be much better to have a new personal policy.
If you just have a personal life insurance policy that you purchased through a broker for example, yes the policy is portable as long as you continue to pay your premiums
This solely depends on the plan you have through your employer. The basic plan they offer is usually not portable however if you apply for additional coverage, this amount may be portable. Remember, consult your HR person at the company you work for. If the policy you have is through what we call Worksite Insurance, then yes, it should be portable. Group Plans tend not to be as flexible however may have this built in.
I like to always recommend that you seek out your agent/broker to determine how much you really should have versus what you currently have. This way, even if you do not opt for more, you will know the shortfall and your beneficiaries may be able to make adjustments accordingly.
If you purchase a life insurance policy on your own (outside what your employer offers), it is always portable. You can move across the country, or to another country, and as long as it was bought with full disclosure, it will pay the death benefit if you pass away.
President, Lane Independent Agency, Southern California
If you got your life insurance through your employer you may be out of luck. Most employers only provide term or temporary life insurance. When you leave the company, you lose the insurance. For this reason you are always better off buying permanent or whole life insurance on your own. Thank you. Gary Lane, 714 422 9616
That is an excellent question! I am really glad that you asked. Many people believe that because they have a life insurance policy through their employer that they are fine. Unfortunately, if they lose the job, they find that they also are no longer insured. A policy purchased outside of the workplace remains, even when you take another job. It's "portable", in the sense that it "travels" along with you. I hope that helps, thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Group term life is the policy most often provided by an employer. If you leave that employer you may not be able to take that coverage with you. You might be able to convert the policy to a permanent policy without providing evidence of insurance if you do so shortly after termination. If you are in good health you can apply for the policy that meets your needs and matches your budget. That is what a life insurance agent does for you.
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If you are young and healthy though, it probably would be a good idea to consult an independent broker to replace that employer coverage as the rates may be much better to have a new personal policy.
If you just have a personal life insurance policy that you purchased through a broker for example, yes the policy is portable as long as you continue to pay your premiums
I like to always recommend that you seek out your agent/broker to determine how much you really should have versus what you currently have. This way, even if you do not opt for more, you will know the shortfall and your beneficiaries may be able to make adjustments accordingly.