Changing your job can affect your life insurance policy. For instance, if you were a beat cop for several years, but the precinct decided it’s time for you to take a job behind a desk, you may find that you don’t need quite so much insurance as your job is now less dangerous. If you were an accountant to make ends meet until your motorcycle daredevil career took off, you may find just the opposite happening. If you keep the same occupation but change to a different employer, that can affect your policy. It’s always best to stay informed.
Could I Lose My Benefits?
There are situations where you may lose your life insurance benefits completely. For instance, retirement may cause you to lose coverage. This could also happen if you are fired or laid off. Relocation can leave you uninsured. Some employers will only provide life insurance benefits to employees who work more than thirty hours per week, so getting your hours cut can affect that. And let’s face it, employers can do pretty much whatever they want, including not offering insurance.
How Can I Keep My Benefits?
You may want to look into a convertible plan. A conversion privilege will give you thirty days to apply for an individual plan from the same insurer. This may not exceed the coverage benefit that you carried to start with. Be sure to review state laws. Individual policies or temporary plans may be good ideas to look into.
Contact Gill Insurance Advisors Serving Plainfield, IN
If you are in the Plainfield, IN, area and need insurance advice, please contact Gill Insurance Advisors. We’re always here to help!
