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For State of NJ employees Only |
Free Information and Pricing for Converting Your NJ Group Term Life Insurance Policy to a Permanent Whole Life Life Insurance Policy |
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It is your responsibility so act now! |
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Assuming you are covered by group life insurance while employed, the coverage ends typically 31 days after you leave employment. You may continue your life insurance coverage after you leave employment by converting your Group Term Life insurance policy, without medical examination, at your own expense. This explains the information that you should consider and the rules to follow when purchasing a conversion policy. You have the option to convert your Group Life Insurance coverage to an Permanent policy when you retire, terminate employment or lose coverage on a leave of absence without any pay.This conversion option to a whole life or permanent policy is guaranteed you cannot be denied coverage for health or other reasons, but it may be more expensive or less suitable to your needs than other policies for which you may qualify from other insurance carriers. Here is a Free Quote request to initiate a price comparison. Click the Quote Request box and indicate in the comments section that you are a state of NJ employee seeking conversion options. Your information will be confidential of course.
You will need to provide your NJ Group Life insurance policy
number: Other insurance carriers may accept or reject your application based
on their evaluation of the status of your health and other factors.
If you wish to purchase a conversion policy, you have a one time
option typically prior to the 31st day after you terminate employment.
After 31 days, you will probably will not be eligible to purchase a conversion
policy without a medical exam. You will need to provide your group insurance policy number:
To protect your conversion privilege it is suggested that you compare prices on your conversion at the same time you file your retirement application or terminate employment.The reduction (or elimination) of your life insurance coverage will be effective 31 days after your date of termination. If you wish to supplement this coverage with either a conversion policy from Prudential or another type of policy from Prudential or another insurance carrier, it would be best to Request Assistance Here! at least four months prior to your retirement. EXAMPLE: If you had group life insurance of $85,000 while employed, and that life insurance coverage drops to $6,000 at retirement, you can purchase up to $85,000 in life insurance coverage under an individual non-group policy by Requesting Assistance above before 31 days following your termination of employment. Time will pass quickly so act now! If you terminate employment without applying for retirement or your insured period during a leave of absence expires, you will continue to be covered for the next 31 days. Up until the end of that 31 day period, you may convert your group life insurance, without medical examination, to any individual policy customarily offered by Your Insurance Company except term insurance or a policy containing disability benefits. If you are hired back into PUBLIC EMPLOYMENT If you return to public employment after the purchase of a conversion policy, you must discontinue your individual conversion policy. If you do not, you will be required to submit satisfactory proof of insurability before you can be covered again in full under a group life insurance policy. The NJ Division of Pensions and Benefits cannot provide premium rates for converted life insurance policies.Free Information and Pricing for Converting Your NJ Group Term Life Insurance Policy to a Permanent Whole Life Life Insurance Policy This is a free resource provided by njlifeinsurance.org, & njpaip.com |
