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Life insurance through work


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Old 9th October 2017, 4:41 AM   #1
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Life insurance through work

Hi
I never ask this questions to anyone...now I m curious.
Ok, if you have a job that offers great benefits include life insurance..

I had a good job before with great benefits and both place I work they offer life insurance for free...$200,000.00 and I pay nothing
But I do not have any papers nor phone number to those insurance company nor my job gave me nything....

Anyway, my boyfriend also has life insurance through work too
I told him that it's my thinking that once you leave your job all the benefits stop include life insurance unless you retired from that job.

I quit both my job and I think once you quit life insurance and all the other benefits stops.
If you die, you won't get I mean no one can claim me on any those work offered life insurance...I no longer work there so why company keeps paying right?

I don't know...both my job before offered and I sign on both.
Hell, my ex husband will get it if it's true and I will hate that lol
But I think I'm right on this...othwise, I will change and put my kids on...

My boyfriend thinks life insurance remains...
What do you think?
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Old 9th October 2017, 9:27 AM   #2
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The no-cost-to-me life insurance options available to me through my employers were always term life policies, so the benefit was only available while I was working at those specific companies and the premiums were being paid (by them). This would seem to be the norm.
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Old 9th October 2017, 10:52 AM   #3
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You're company doesn't continue to pay the premiums on your benefits or your life insurance if you leave the company. Insurance companies are not in business to lose money. If everyone could make claims on old insurance plans where the premiums stopped being paid years before the person died the insurance companies would be bankrupt in no time flat.
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Old 9th October 2017, 10:59 AM   #4
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Employer-provided life insurance is 99.99% likely to be term and to terminate when you leave employment. Exceptions would be mostly cases of union contract. BUT....rather than guessing....the thing to do is to ask your benefits person at your employer for the plan documents on all your plans so you can review them. Or just straight up ask to have the benefits explained to you and what happens in case of retirement.
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Old 9th October 2017, 11:53 AM   #5
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you have to chat with HR/benefits division at each specific job. government jobs (or strong union) versus salary jobs and wage/hourly jobs can all be different. it's so different from place to place, you need to make calls and ask questions each time so you understand.
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Old 10th October 2017, 2:10 AM   #6
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I have life insurance through my job. However, if I leave the job, then I don't have life insurance any longer. If I retire, I don't have life insurance anymore. That's just the way the game is played. It makes sense for me to do this for a couple of reasons. First, I pay nothing for this insurance. Not a single cent. Second, I do not expect to leave the company, because it is the best job in my field I could find in the area where I wanted to live. I'm not looking to move or job hunt. Finally, I simply do not expect to live to see retirement age - my genetics and health pretty much tell me that 60-65 is my max. Even if I live longer, I don't plan to retire - I'd probably go crazy.

For someone who wants to retire, expects to live longer, or expects to change jobs, the best bet is to get an insurance policy where the insurance functions kind of like a savings account. If you die, you get paid. If you want to cash out later, you get paid. Stuff like that is still out there, especially through some religious organization sources.
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Old 10th October 2017, 10:57 AM   #7
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Sometimes it continues for a brief period after leaving a job like 30 days. But I've never heard of a life insurance policy that stays active forever after quitting a company. Why would your ex employer pay a premium on your life insurance.

And in cases like that you don't deal with the insurance company directly, you deal with your companies human resources department. You can phone them and find out, but don't be surprised if they find it a ridiculous question.
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