I just started my new job about a month ago, and they give me a hand book, and i was reading about there life , will this what it says

1.separated employees covered by our company’s group will be provided with notices regarding options to continue or convert their coverage. appropriate paperwork must be signed and submitted to the carrier directly within 30 days on employment termination. if you are interested in continuing or converting you life , You should contact your local branch office or the WOC Benefits Department

2. life , Securitas usa provides group in the amount of ,000 for all full-time(30 hours or more per week)security officers, who have been employed for more then 90 days. (i work 47 hours a week)

3. so what does this all mean, what after 90 days i can cash in my life
yes i passed high school

 

  • Michael M 1:04 pm on March 8, 2010

    1) Refers to the fact that you can keep the coverage if you leave the company as long as you contact them within 30 days of your termination and begin paying the premiums yourself

    2) $5,000 is the death benefit. Your coverage will begin in 90 days. There is nothing to cash out until you die. The beneficiary you name will get the $5,000 when you die.

  • wilderwriter 1:05 pm on March 8, 2010

    1. This is a statement of your rights AFTER you are no longer employed there.

    2. Your life insurance policy begins after you have BEEN there for 90 days. If you die before you complete 90 days of employment your beneficiaries will not get anything.

    3. They provide Term life insurance, which has no cash value. So you can NEVER "cash in" your life insurance.

    Are you a high school graduate?

  • mbrcatz 1:05 pm on March 8, 2010

    Oh, converting is NOT the same thing as cashing in. Converting, is when, instead of the employer paying $2 a month or whatever to cover you on the group policy, your portion is spun off into your own policy after you aren’t working there any more, and the RATE is also adjusted – so you’re actually paying probably $10 or so a month for the same coverage, but on a whole life policy instead of term.

    Term life has NO cash value. That $5,000 is what your family gets paid, if you die. And it won’t bury you, that’s not enough for a burial these days.

  • Insurance Pickle.com 1:05 pm on March 8, 2010

    If you quit your job at some point in the future you can continue the coverage. There is nothing to ‘cash’ in.

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