What's an alternative; private personal insurance instead of group insurance through one's employer?
2006-10-26 05:18:01 · 9 answers · asked by Anonymous in Business & Finance ➔ Insurance
If it was an employer provided group term insurance plan, then yes it is completely legal and can easily happen.
But the ability to do this would have been clearly spelled out in the policy language given you, if you would have read the policy.
The alternative is to buy your own term insurance plan that has enough coverage to provide what your financial goals were.
However, now with an illness, it may be more difficult to qualify medically for such a policy.
2006-10-26 06:52:58 · answer #1 · answered by markmywordz 5 · 1⤊ 0⤋
Some life insurance provided through an employer reduces the face amount (death benefit) at various ages and at retirement.
READ the policy. If it is through work, talk to your benefits manager. Then go talk to an insurance agent. Having a health problem will increase the cost of the insurance or make it unavailable.
Good Luck
2006-10-26 17:25:19 · answer #2 · answered by insuranceguytx 5 · 0⤊ 0⤋
It may not have been due to the illness. I know that when my father retired the term insurance he had thru work was convertible but it was only good for 5,000. Check again with the agent and see if it is due to the conversion from the term policy at retirement.
2006-10-26 05:38:43 · answer #3 · answered by blb 5 · 1⤊ 0⤋
Read the policy. Most group policies benefits reduce a % at certain ages or life event changes. I am not sure about illness though. How would they know he was ill?
2006-10-26 08:55:55 · answer #4 · answered by mamatohaley+1 4 · 0⤊ 0⤋
I would talk to the attorney general's office. I don't think that is legal.
With life insurance private is the way to go but with health group is the way to go(usually)
2006-10-26 05:21:55 · answer #5 · answered by Today is the Day 4 · 1⤊ 0⤋
You are lucky that you still have insurance. In fact, after being diagnosed with illness, you can never have any insurance again.
2006-10-26 15:33:09 · answer #6 · answered by floozy_niki 6 · 0⤊ 0⤋
Most group term policies are converted to individual term when you retire. These are usually subject to normal underwriting criteria.
2006-10-26 09:05:05 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
quite, i discover them suspicious. Mike Royko as quickly as wrote a column in Chicago that recommended people while interviewed by pollsters to lie. I even have on condition that got here across that pulling pollsters legs is an artwork-style unto itself.
2016-10-16 10:36:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
This is definetly a fraud check out with atorney general
2006-10-26 05:29:46 · answer #9 · answered by Anonymous · 0⤊ 1⤋