Life insurance portability means that you can take your policy with you when you leave your job, or you can keep your insurance if your business closes. If your group life insurance has the option for supplemental insurance that you are paying yourself, you may be able to keep the supplemental part and just continue paying the same premium. Otherwise, you may be able to convert your group coverage to a permanent policy that is individually owned by you. However, it is done, life insurance portability is a great feature to have in group life insurance.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
A good question! Portability in insurance is similar to portability regarding anything else. For example a portable radio is one that you can take with you to the beach or a friends house. The question of portability regarding insurance usually comes up when discussing employer sponsored insurance. In many if not most cases insurance that is purchased through an employer sponsored group plan is NOT portable. That is if you leave the company your insurance terminates.
Some products such as Aflac supplemental health insurance ARE portable even when purchased through your employer on a payroll deduction. There are some employer sponsored life insurance plans that are portable, so you should ask your employer or the HR department what yours is.
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Some products such as Aflac supplemental health insurance ARE portable even when purchased through your employer on a payroll deduction. There are some employer sponsored life insurance plans that are portable, so you should ask your employer or the HR department what yours is.