Don’t Lose Your Life Insurance to Covid-19. If you have lost your employment, being furloughed, or otherwise “separated” from the work you had, and if you have any health issues, you need to strongly consider how to “convert” your group life insurance policy to an individual policy.
Lost Your Employment due to COVID-19? Take Action on Your Life Insurance Policy now.
With everything going on during this pandemic, it is easy to let this detail get lost in the paperwork. A failure to complete the necessary paperwork, at the right time, and pay the costs, can be a real problem down the road.
Few employers explain these needs closely – they might not understand it themselves – as they are not experts in this area. But WE are – and that’s why we can help YOU.
Has Your Employer Discussed Your Life Insurance Policy Coverage and Coronavirus to You?
Especially with group employer life insurance benefits, every employee can receive coverage, without individual investigation of their medical backgrounds. Some private insurance can be somewhat obtainable, but health issues can limit options.
Many employers do not provide the necessary paperwork for “converting” the group policy to an individual policy – but if yours has, this can provide some protection for you and your family – but have they explained this to you? It may cost more than it did before. But if you have health issues, a private life insurance company might not approve your new policy application. This is not a time to leave your family without proper life insurance policy benefits.
Convert Your Group Life Insurance Benefits to an Individual Policy
Even if your employer has not provided the documents, or if the time has passed, it still may be possible to get the proper coverages in place to stay insured. It is very important to not wait too long. The law in this specific area is complex and developing. AND, most importantly, many individuals who have been laid off don’t even realize that their life insurance has been terminated, as seen in this recent news article.
Should you have an opportunity to convert your group life insurance benefits to an individual policy, you should especially consider it, especially if you have any medical issues that may make getting a new policy a challenge.
Can you get a new Life Insurance Policy During the Pandemic?
NerdWallet has recently written that regarding NEW policies, “Insurance companies are responding to the pandemic in different ways. Prudential, for instance, has suspended applications for 30-year term life insurance at least through June. Other companies are restricting applications based on the applicant’s recent travel history. And while most insurers continue to issue Life insurance policies, this could change as the situation evolves.”
According to WWMT West Michigan, there has been a rush in new policy applications to life insurance companies.
“people have been putting life insurance last on their list, but during the COVID-19 pandemic people are seeking those policies more than ever.” You need to ensure that your previous policy is current and up-to-date. It’s time to contact us to make sure. Don’t Lose Your Life Insurance to Covid-19.
Are you having a problem getting your life insurance claim paid? Have rescission, interpleader, or beneficiary disputes arisen? Has your policy has been cancelled? You need to contact Life Insurance Lawyer NOW.com or life insurance justice.com. Use the form on our site, or email us, or call (888) 997-4070 or (818) 937-0937 to speak directly to an experienced life insurance lawyer. We are the best life insurance lawyers around, and we are real lawyers, not a lawyer referral service or “middleman”, we are here for you NOW.