If you have a life insurance policy that your employer pays for as part of your salary, you may not understand how it works if you are dismissed. In fact, you may be able to preserve your coverage if you act promptly.
Continue reading to learn more, and keep in mind that The Law Offices of Larry H. Parker provides employment law assistance to those who are having problems with their bosses. Contact us at 800-333-0000 for a consultation.
To keep your coverage, you don’t need to have a new medical exam
According to the legislation, you are not only allowed to take over your life insurance policy, but you are also not required to undergo a fresh medical examination. You may make an individual policy out of your group policy. More crucially, the insurance company has no legal authority to demand a fresh medical exam or physical before issuing you this new coverage.
Yes, even if you have already been diagnosed with a serious, terminal disease and are unable to work as a result of that sickness, you can preserve the same policy terms provided you take the appropriate steps.
Now is the time to act
While the fact that you may preserve your coverage may be reassuring, you must move promptly. In this instance, you only have 30 days to transfer your employment to a personal plan once it has been canceled. If you miss that date, your insurance coverage may be cancelled. This deadline should be communicated to you by your employer; it is their legal obligation to do so. They should also provide you with thorough instructions on how to convert it to a personal insurance.
If you miss the deadline, it’s possible that your boss is to blame
There is one circumstance in which you may miss the deadline and still be eligible for your insurance: If your employer fails to notify you of your rights and responsibilities in order to protect such rights. In this instance, you are no longer legally responsible; instead, your previous employer is. If this has occurred to you, it is imperative that you contact a personal injury attorney as soon as possible.
While it is unlikely that the insurance would be renewed, you may be able to make your previous employer liable for the whole policy amount. These incidents are uncommon, yet they do occur. The goal is to be aware of your rights as an employee so that you can recognize when you are being exploited.
You can contact The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation to learn more about your rights.