Group life insurance conversion
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: I am trying to convert my group life insurance policy to an individual policy. I sent the form to the address in Syracuse NY and it was returned to me. I need to know where to send the "Notice of Conversion Privilege"
A: The policy conversion procedure for most life insurance companies is that you apply for an individual life insurance policy in the same manner as you would without the conversion. The only difference is that your acceptance is guaranteed regardless of medical issues. The procedure is to complete a written application for insurance and submit it with your Notice of Conversion Privilege and a check for the initial or estimated premium. An individual application can be submitted by an agent for the insurance company who, in most cases, must witness the signatures on the application and provide the required legal disclosures that pertain to the policy. (The number of legal requirements have pertain to the issuance of individual life insurance have increased sharply in recent years so insurance companies now require that an independent agent verify in writing that the requirements have been met). It is best to use a local agent for this purpose but OnlineAdviser may be able to help if the insurance company is listed in the Iquote system at FreedomBenefits.net. If you need additional assistance, please reply with the name of the insurance company.
Summary
More resources:
FreedomBenefits.net Life Insurance Services