Gm; I was laid off this week and had life insurance through work. Does anyone know if we get paid out what we put in? I'm sure we'd have to take the policy over ourselves but in case we didn't.
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Thanks to all of you kind people for responding this has greatly helped me. Good luck to all of you in your journey. Those that have remained with CVS and those that have been laid off. It's tough for everyone
Your life insurance is portable. You can continue to carry it on your dime after separation. Only get paid out if you pass.
The information is in the separation guide that will be sent or already was sent. It outlines it.
You get nothing. You were cut off. Next.
I can't be certain but I believe I read somewhere in the policies that the life insurance company sends you something where you can keep it active but it would transfer out of the "group term" and you would have to pay whatever premium they charge. I think the benefit of doing that would be no waiting period since you've been paying in already on the group term? Im not 100%.
You don't get anything from the life insurance That was a group benefit.
The company recoups the costs. They would be the sole collectors anyway. I think they have a $1 million policy on everyone in the company.
Silly question. Do you get money back from your car insurance when you cancel?
If you decide to purchase life insurance on your own, go with whole life, not term. Google it.
Your life insurance is "group term" insurance. It has no cash value and ends once your terminated. There's lots of cheap term options available, depending on your health status/insurability. If you have a need for life insurance, get your own plan, employer group life is not a good substitute, just a supplement.
Nope. Once you pay a premium on a life insurance, not getting it back. Good luck