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  • Group Life Conversion Application Reliance Standard Life Insurance Company This Form Is To Be Used

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GROUP LIFE CONVERSION APPLICATION Reliance Standard Life Insurance Company This form is to be used only when an eligible person desires to convert his Group Life insurance to an Individual policy.

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Portability refers to an employee's option to retain certain benefits when switching employers. Some pension plans and health insurance have portability. Most 401(k) plans also have portability of benefits, as do health savings accounts (HSAs).

Portability allows eligible insureds to port (that is, continue) their Group Life insurance coverage when they are in danger of losing that coverage because their employment is being voluntarily or involuntarily terminated.

Who pays the claim if someone dies during the conversion period from a group life policy to an individual life policy? If a person who was insured under a group life policy dies during the conversion period to an individual life policy, the group policy pays the claim.

If you decide to port your policy, the premiums will be less expensive than if you decided to convert it. ... The premiums for porting your life insurance policy will be lower than if you decide to convert it; however, they will increase as you age.

Portability allows eligible insured employees to port (or buy) Group Life insurance coverage when they are losing coverage because their coverage is being voluntarily or involuntarily terminated. The portable group insurance coverage offers group term Life, Accidental Death and Dismemberment (AD&D).

A term conversion is when all or some of your term insurance policy is converted into a permanent life insurance policy (e.g., a whole life or universal life policy). Most term life insurance policies include a conversion option for free.

However, as you age, you'll likely make more money and improve your financial situation. That's a good time to convert to a permanent life policy. Permanent life will cost you more than term life, but it will also provide you with savings for your survivors or to use as an emergency fund or retirement fund.

Porting is available with Basic, Optional, and Voluntary Life and AD&D plans. Other eligibility and state restrictions may apply. Conversion means you change or convert your group coverage to an individual policy without having to answer any medical questions.

Converting a term life policy to a whole life policy FAQ The conversion cost itself is $0, but your premiums will drastically increase (by 5 - 15 times) if you switch from a term life to a whole life policy.

The conversion privilege provision allows an employee that participates in a group plan to convert their group life insurance policy into an individual life insurance policy with little hassle, without having to go through another approval process or a medical exam.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232