| Life Conversions | |||||||||
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| > | What are some of the benefits and limitations of choosing to convert your group life insurance coverage to an individual policy? | ||||||||
| > | Who can help me with questions and next steps? | ||||||||
| > | Is the process the same if I live in Canada? | ||||||||
| > | What types of life insurance are available to me if I choose to convert? | ||||||||
| > | Will I receive a conversion notice? | ||||||||
| > | What are some of the benefits and limitations when applying for new individual insurance? | ||||||||
| > | What does "underwriting" mean? | ||||||||
| > | How many days do I have to convert my insurance? | ||||||||
| > | How much does it cost to convert my coverage? | ||||||||
| > | How do I apply for a new individual life insurance policy? | ||||||||
| > | Can I apply for a conversion policy and apply for a new insurance policy at the same time? | ||||||||
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| Life Conversions | |||||||||
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| Q. | What are some of the benefits and limitations of choosing to convert your group life insurance coverage to an individual policy? |
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| A. |
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| Q. | Who can help me with questions and next steps? |
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| A. |
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| Q. | Is the process the same if I live in Canada? |
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| A. |
If you reside in Canada, please contact Manion Wilkins & Associates, Ltd. for rate and product information and an application for coverage. Manion Wilkins & Associates Ltd. 21 Four Seasons Place, Suite 500 Etobicoke ON M9B 0A5 Phone 1-877-242-8632, then press #1 Fax 1-416-234-0127 Back to top |
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| Q. | What types of life insurance are available to me if I choose to convert? |
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| A. |
Generally, only one type of coverage is available under the conversion option, which you can convert to a permanent whole life insurance policy. This type of policy offers a guaranteed death benefit and guaranteed cash values, provided all premiums are paid when due and there have been no substantial loans or withdrawals.
However, If you were covered under a group life insurance certificate issued in New York, West Virginia, or Minnesota, or if you reside in one of these states, your conversion option may include the right to apply for a one-year term policy and be able to move to a group conversion policy following the end of that one-year term. For more information, please call 877-889-2070 and speak to a customer service professional.
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| Q. | Will I receive a conversion notice? |
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| A. |
You should receive a conversion notification from your former employer or benefits administrator. This notification will state your last day of employment and the coverage amount you, your spouse, and other dependents that were covered under the group life insurance certificate are eligible to convert. If you do not receive this notification, please contact your former employer or benefits administrator.
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| Q. | What are some of the benefits and limitations when applying for new individual insurance? |
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| A. |
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| Q. | What does "underwriting" mean? |
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| A. |
"Underwriting" is the process in which you provide your medical information and, in most cases, take a medical exam. These exams can be scheduled at your convenience. You will only have to go through the underwriting process if you choose to apply for a new individual life insurance coverage which is medically underwritten. If you apply online, you will need to answer some medical questions.
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| Q. | How many days do I have to convert my insurance? |
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| A. |
You generally have 31 days from the date your group coverage terminates to apply to convert your Group life Insurance certificate to an individual policy. However, this can vary, depending on when the Notice of Privilege to Convert notification was provided to you. To determine your particular situation, refer to the date that the Notice of Privilege to Convert notification was produced.
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| Q. | How much does it cost to convert my coverage? |
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| A. |
The cost is determined by the amount of life insurance you wish to convert, your age, and the state in which you reside. Since this is a conversion product and you do not have to answer questions about your health, the premium is usually more expensive.
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| Q. | How do I apply for a new individual life insurance policy? |
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| A. |
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| Q. | Can I apply for a conversion policy and apply for a new insurance policy at the same time? |
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| A. |
Yes, you can apply for your own medically underwritten life insurance policy at the same time that you apply to convert your group life insurance certificate. If you meet Prudential's underwriting guidelines, an individual underwritten policy, rather than the conversion policy, will be issued. If you do not meet these guidelines, your application for individual life will be declined and a conversion policy will be issued to you without an interruption in coverage. You will be issued only one policy.
If you apply for an individual policy during the conversion period and do not apply to convert your group coverage during this time, should you be denied coverage for the individual policy and the conversion period has ended, you will no longer have the right to apply for a conversion policy.
If you apply for an individual policy after expiration of your right to convert your group coverage and you are denied the individual policy, a conversion policy will not be issued.
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