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What do I do with the Life Insurance after I left my job?

I just left my old job for my new job 2 weeks ago. I received a letter from my old job's HR saying that my group (life) insurance has been discontinued and ask me if I want to convert it to an individual policy. The thing is I'm not so sure how things work. My new job also offers me this, but not until 4 months later. What do people normally do with their group life insurance when they left their job? Should I convert it to an individual policy or to my new job after 4 months if possible or can I cash that life insurance amount?

Asked By: shopaholic - 5/29/2007
Best Answer - Chosen by Asker
I recommend not converting it into an individual policy. It will cost you more money and it's probably doesn't provide enough coverage for your family. What you should do is shop around to get your own individual life policy... More
Answered By: Doing the Right Thing - 5/29/2007
Additional Answers (2)
Pay wih fine
Source(s):
Answered By: back l - 5/29/2007
 
OK, you can't cash in that type of life insurance - it doesn't build a cash value. You either let it lapse, or keep it... More
Source(s):
Answered By: mbrcatz17 - 5/29/2007
 
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