Keeping your Life Insurance
Decisions to Make, Steps to Make
When your relationship with your employer changes — either because you’re leaving the company, you’ve become disabled, or you’re no longer eligible for coverage — you’ll want to take steps to preserve your life insurance.
If your family’s financial security and plans for the future — such as paying for college or staying in your home — are important to you, taking your life insurance with you is a smart move. Depending on your circumstances, you may have two options for keeping your coverage: Conversion or Portability
Conversion
Change your group term life coverage to an individual whole life policy, which builds cash value. You pay the premium at individual rates. The right to convert your policy is guaranteed by law under certain circumstances. Have your employer complete Section 1 of the life conversion form (rates included on the form). Complete Section 2 of the conversion form yourself. See Conversion application here.
Portability
Take your group term life coverage with you and pay for it at group rates. This coverage does not build any cash value. This option is also called “porting” your coverage. Have your employer complete Section 1 of the life/AD&D portability form (rates available through your employer). Complete Section 2 of the life/AD&D portability form yourself. See Portability application here.
For option’s on Dependent’s life insurance, see flyer.
Next Steps
Submit the appropriate form no later than 31 days after your coverage ends to:
Unum Life Insurance Company of America, Portability and Conversion Unit, 2211 Congress Street, Portland, ME 04122. Remember to designate a beneficiary and sign and date the election form.
You have four ways to pay: Monthly auto-pay by ACH or quarterly, semi-annually or annually by check or money order. Communication decisions are provided directly to employees.