Life insurance is a great job perk. It doesn’t cost you a cent, and it provides for your family when you pass on. The problem is, if your employer is paying for the coverage, it’s not really "yours." If you get fired, are laid off, decide to change jobs, or retire, you’ll need to take measures to ensure you remain covered.

Can You Switch an Employer-Purchased Life Insurance Policy into a Personal Policy?

Sometimes, you can take your coverage with you when you change jobs. It’s called porting. If you want to keep your current policy, ask your HR department if the coverage can be converted. If it can, be sure to file the paperwork to do so in a timely manner. You’ll lose it if you don’t convert soon enough.

When you port a policy, you take on the responsibility of paying for it. If it’s a whole life policy, it’ll be valid as long as you pay the premiums. A term life insurance policy will eventually expire after a certain date.

Is Porting Your Policy Always the Best Option?

Porting your policy can be a good way to maintain life insurance coverage, but it’s not always your best option. Sandy, UT residents may want to look into other life insurance policy options to ensure they’re getting the best coverage at the best price.

Call The Smith Insurance Group Inc for More Information

The Smith Insurance Group Inc. serves clients in and around Sandy, UT. We offer life insurance from multiple carriers and can help you pick a policy that provides ample coverage for your family without breaking the bank. Call us to find out more or to get price quotes.