I thought a laid off/ retired employee could keep the supplemental life insurance at the same or similar cost as what an employee would pay. The guy I spoke to at Met Life told me, no, it would not be a group rate and would not be term but rather an individual whole life policy. Anyone ha e a different take on it?
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Insurance companies are all thieves. It's a rigged game, like a casino, with the deck stacked in favor of the house.
I was shocked at how much Met Life wanted to charge me to continue my life insurance. I also had a policy on my spouse that was 1X my salary that would have also been exorbitant with Met Life. Since my spouse and I are debt free and have pensions, we decided not to continue the Met Life policies. Life insurance is only important if you need to protect someone you leave behind. If you are out of debt and have other resources, life insurance premiums just drain them.
Selling to Coventry sounds like a bit of a red herring to me.
I was offered MetLife continuation of 500k for 300 a month (20 yr term life). I could also keep supplemental of 700k for 90 a month. Declined MetLife and continued with supplemental. At least for now. I understand it will go up but when my pension kicks in it will be less important and I can drop it then if rates are too high (no mortgage, no debt, no college). Good luck.
I knew the life insurance premiums would be more expensive after leaving the company. That's why I dropped my supplemental coverage within a week of my termination date. It was paid up through the day of the month, but I didn't want to be responsible for the next premium due on the 1st of the next month. I kept my basic 2-year annualized pay life policy for 3 more months. The premiums were more affordable. That gave me time to sell it to Coventry Direct, a life settlement company, for $1,260. I have since found another job and have medical and life insurance with my new company.