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Benefit Continuation Services
Continuation of Benefits is a specialty service we have provided since 1986. This program protects business owners from potential liabilities that could arise following insured members' termination of employment.
What you can do
If a member of your Group Benefits Plan is leaving your organization as a result of early retirement, normal retirement, reduction in workforce or any other reason, they may be entitled to convert their Group Life Insurance, and if allowed by your Plan, the conversion of Optional Life Insurance, and Dependent Spousal Insurance to a personal plan.
The ability to convert Group Insurance is an important benefit, as it allows for the conversion of the employee's group insurance coverage, in whole or in part, into an individual life plan, without having to go through the full underwriting process. This offer is referred to as the Guaranteed Option, as the Applicant cannot be refused on medical grounds.
Most often the Guaranteed option under the Conversion Privilege, is only available for a period of 31 days from the last day the employee is covered under your Group Benefits Plan; therefore time is a critical component of the conversion process.
The 3 Guaranteed Options available are:
One-Year Term, Convertible and Non-Renewable
This is coverage that is available for one year. It can be converted at any time during the year to Level Term to Age 65 at the employee's insurance age at the time of conversion, and if not exercised, the coverage expires at the end of the 12 month period.
Level Term to age 65
This type of Policy provides for both a guaranteed level of coverage and guaranteed level premiums until the employee reaches the age of 65, at which time the coverage expires.
Whole Life Insurance
Whole Life Insurance is permanent coverage that, like the Level Term to Age 65, has both guaranteed level coverage and guaranteed level premiums. Unlike Term coverage, Whole Life coverage has cash values that can form an important part of the employee's financial future, and has flexible payment options to fit both lifestyle and budget.