Can the laid off employee “convert”/ buy the same coverage directly from insurance company that Target was using? Has anyone done this in previous layoffs? The advantage would be no medical test or other hassles and a plan that should be reasonable
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Whom do you call? Target Benefits center?
@at - no the rates should not increase. That was very specifically asked about and discussed when I called our life ins provider earlier this year. In fact the agent mentioned that no rate increase was one of the primary benefits so you lock in at a lower rate early in your career, even if you change employers.
You can keep. Rates will probably increase
You have the option to continue your life insurance under MN Continuation laws which is similar to COBRA allowing you to keep coverage in place for 18 months paying the same rate. After that period, you will have the option to convert to an individual policy.
I looked into this at the beginning of the year for my wife. I was directly told that your life insurance policy (and spouses as applicable) is very specifically yours and you can continue to keep it after separating from any employer no matter of it's voluntary or not. Get the paperwork and call them now to set up payment for after your employment ends because failure to continue policy payments will terminate the plan.