Do you have life insurance through your Pasadena, CA, workplace? If so, you are not alone. More than half of American workers receive life insurance from their employers. It is a valuable benefit that has supported millions of families; however, this coverage can be lost if you are fired, laid off, change jobs, or retire.
Can You Keep Your Life Insurance Policy?
You may be able to keep your life insurance coverage if your policy allows you to port it after leaving your job. To do this, you must notify the insurer of your employment status change and begin paying the premiums yourself. Most policies require you to port your coverage within thirty to sixty days of leaving your position. Check your policy details to confirm your specific timeline. If you wait too long, the portability option will expire, and you will lose the policy.
Is Porting Life Insurance a Good Idea?
Porting life insurance can be a good choice if you are satisfied with your current policy and want to maintain the coverage. It is also helpful if you wish to avoid completing another physical exam. Still, it is wise to explore other life insurance options at this time to ensure you receive the best value. Changes in your financial situation may also require updates to your policy so your loved ones remain fully protected.
Call Reinas Insurance Agency Inc. to Learn More About Your Options
Reinas Insurance Agency Inc. helps Pasadena, CA, residents find life insurance policies that match their needs. Contact us today to learn more about your options or to request personalized quotes.
