As a Canadian high school teacher, what should happen to my group life insurance when I retire? Am I still covered? Is it worth forking out another 0 a year while I am still young for full-time life insurance, or is my group insurance good enough?

 

  • Richie Rich 7:01 am on November 10, 2009

    Pay for your own coverage. Typically it pays out faster than group and you can keep it regardless of job status (so long as you can pay the premiums).

  • Doctor Deth 7:01 am on November 10, 2009

    It goes away – they stop paying the premiums on your behalf. by the time you retire, you shouldn’t need much life insurance, basically just a burial policy

  • silverclrk 7:01 am on November 10, 2009

    YOU no longer belong to the group so you Will have to convert it to an individual policy. You will probably want to get a term policy offers coverage for a specified period of time with a specified dollar amount payable at death to your beneficiary. Good for mortgages loans or debits. A permanent policy will be more expensive but this policy will last until 100 and build up cash value you can borrow against the death benefit. Talk to an agent they will better be able to evaluate you needs.

  • Yo' Mama 7:01 am on November 10, 2009

    I’m not familiar with Canadian insurance but you should speak to your group plan administrator and find out what happens when you retire. Some plans will continue to cover qualified retirees up to a certain amount. Otherwise, you’ll need to look into converting to a private policy. Your group administrator can give you information.

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