Converting From A Health Policy To An Individual Policy

The new policy will become effective immediately upon approval by metropolitan life insurance company as long as you have paid the first premium. If you terminate retire from the company are no longer eligible for bargaining unit benefits or your benefits are reduced due to a change in your employment with the company you have the option of converting your lost group life insurance plan coverage to an individual insurance policy within 31 days after your coverage ends without having to furnish evidence of good health.

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converting from a health policy to an individual policy

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How to convert group life insurance.

Converting from a health policy to an individual policy. Some important points to keep in mind while converting from a group health insurance policy to an individual policy are as follows. Your parents will need to undergo fresh underwriting to convert into individual. Automatic conversion without underwriting will be difficult.

For you also it will be continuation upto your existing sum insured only. To apply for an individual policy contact metlife advice line at 877 275 6387 option 1 or contact your local metropolitan life insurance agent at 800 met life 638 5433. The only reasons i see for actually converting group life insurance are because you need to bridge the gap between group coverage and getting an individual policy in place or if youre uninsurable so the choices available on conversion are the only options you have.

Thats because the insurance is much higher in the individual insurances rs 10 lakhs versus rs 2 lakhs. In group health insurance plans there are typically no waiting periods which means all ailments are covered from the. Group life plans normally require eligibility for employees to participate usually in the form of filling out an enrollment card and being issued a certificate of.

Keep in mind that any premium for a conversion policy is going to cost more than a group policy. Group life insurance provides coverage for a number of people under a single master contract or master policy. Conversion must be done to the same company do remember that when you are converting from a group insurance policy to an individual policy the conversion must be done within the same insurance company.

You will get benefits of continuity of your health insurance but for others it will be treated as a new policy. The premium for a conversion medical insurance policy varies depending on the age of the individual his health status and the type of coverage. For any enhancement in sum insured on y.

Converting group health insurance to individual and because a large number of colleges and universities increase student insurance to the cost of college tuition plenty of trainees and oldsters require this with respect to granted that theyve insurance insurance policy coverage that is certainly right up until they desire the idea. Yes it can be done. Unlike an individual policy a group health insurance policy is more relaxed.

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