I know what your thinking...I'm older now and have some health issues, do I even qualify? The answer is YES! A group conversion allows you take your group life coverage with you. No medical! No health questions!
Sounds good I know, but there a few things to watch out for! Like any decision involving insurance, you should consult with a licensed advisor. By working with an advisor you will find that you will have more options when it comes to the type of policy you can convert to. Insurers make it easy, by providing a simple form to your employer for you to complete, but they also limit the types of policies available. A professional advisor can show you other options that might make better sense!
Typically individuals who convert may have health issues, and feel they would not qualify for the best rates if they opted for a fully underwritten option, while this is advantageous it is important to point out that you are an unknown risk to the insurer. Do you smoke? Even if you don't, insurers typically class individuals who convert as smokers and as such charge a premium rating. By working with an advsor, they can help you apply for non-smoker status once your conversion is complete, potentially reducing your premiums.
When converting your basic life insurance, you may also be permitted to convert any optional life coverage you have inforce under the group policy, typically however the insurer will often put a cap in place ie: Convert basic and optional life to a combined maximum of $200,000. Your plan may also include options to convert coverage for a spouse or child.
Whatever your reasons for converting, it's always best to be informed about your options. Trust the knowledgeable advisors at Clearpath Consulting to help you make the right choice!