Common use of Life Insurance - Conversion Privilege Clause in Contracts

Life Insurance - Conversion Privilege. If your coverage ceases because your employment or your membership within the eligible classes ends, you may convert your insurance to some form of individual life policy offered by insurance carrier without having to pass a physical examination. You have thirty-one (31) days to make application for conversion and to pay the required premium following termination of your insurance. However, if you are given written notice of your right to convert, you have no more than thirty-one (31) days from the date of termination of insurance, or until twenty-five (25) days after you are given notice, whichever is the later date. If you should die within the thirty-one (31) day period after your coverage ends, your amount of insurance will be paid to your beneficiary. If your life insurance is payable under the group policy, payment will not be made under the converted policy, and premiums paid for the converted policy will be refunded. Group Life Insurance shall be a minimum of twenty-five thousand dollars ($25,000.00.) Where Group Life Insurance Plans have coverage in excess of twenty-five thousand dollars ($25,000.00), then such Plans shall continue in force during the currency of this Collective Agreement. If an employee cannot work due to illness and his or her Weekly Indemnity is about to lapse, he or she shall have the right to continued coverage for life insurance by paying the full premium.

Life Insurance - Conversion Privilege. If your coverage ceases because your employment or your membership within the eligible classes ends, you may convert your insurance to some form of individual life policy offered by insurance carrier without having to pass a physical examination. You have thirty-one (31) days to make application for conversion and to pay the required premium following termination of your insurance. However, if you are given written notice of your right to convert, you have no more than thirty-one (31) days from the date of termination of insurance, or until twenty-five (25) days after you are given notice, whichever is the later date. If you should die within the thirty-one (31) day period after your coverage ends, your amount of insurance will be paid to your beneficiary. If your life insurance is payable under the group policy, payment will not be made under the converted policy, and premiums paid for the converted policy will be refunded. Group Life Insurance shall be a minimum of twenty-five thousand dollars ($25,000.00.) Where Group Life Insurance Plans have coverage in excess of twenty-five thousand dollars ($25,000.00), then such Plans shall continue in force during the currency of this Collective Agreement. If an employee cannot work due to illness and his or her their Weekly Indemnity is about to lapse, he or she they shall have the right to continued coverage for life insurance by paying the full premium.