When Does Group Life Insurance Expire After Leaving Your Job and Why You Should Secure Separate Life Insurance
When you leave a job, your group life insurance doesn’t stay with you forever.
Typically, group life insurance coverage expires either immediately or within a short period after your last day of employment. Some companies may offer a grace period, but this is often limited to about 30 days. It’s important to check with your employer to know exactly when your coverage ends.
Relying solely on group life insurance can leave you vulnerable once you leave your job. Here’s why it’s crucial to have separate life insurance coverage:
Loss of Coverage: As soon as you leave your job, your group life insurance ends. If you don't have other coverage, you could be left without any protection.
Increased Costs: Life insurance premiums generally rise with age. Securing a personal policy early can lock in lower rates while you're younger and healthier.
Limited Flexibility: Group life insurance is often one-size-fits-all, meaning it might not cover all your needs. A separate policy allows you to choose the right amount of coverage for your family and financial situation.
Leaving a job doesn’t just mean a career change—it can also mean losing essential life insurance protection. Securing your own life insurance ensures that you and your loved ones remain protected, no matter where your career takes you.
