Group life insurance is offered by many good employers to their employees, but it could be lost once you part from your company.
Category Life Insurance
12 April 2019,

Have you resigned from your job and worried about your life insurance?

Did you know that you can convert your group life insurance to individual life insurance so you can continue to enjoy insurance coverage for many more years?

Compare Home Quotes – Life Insurance helps you get information on this simple and practical approach!

If you are looking for group life insurance coverage that meets the needs of your company, fill out the free online form on this page. One of our partners (a network of brokers and direct insurers) will be happy to send you a free quote based on the needs of your company.


Group life insurance is offered by many good employers to their employees, but it could be lost once you part from your company.


How does conversion of group life insurance work?

Most group life insurance policies offered to members of an organization are temporary. In other words, they only offer protection during the time of employment or while the employee is still in the organization.

With that in mind, if you wish to continue enjoying life insurance protection after you have retired or quit your employment or participation in an association, you need to exercise your right to convert the policy.


In doing so, you will transform your group life insurance into individual life insurance.

You can then take advantage of your policy until the age you want.


The conditions of the right to group life insurance conversion

According to the Autorité des marchés financiers, a person who wishes to exercise the right to conversion should not be required to undergo medical tests before switching from group life insurance to individual life insurance.

However, according to the government agency, the amount of the new premium generated by the conversion of a group life insurance policy should be based on the age of the insured.

Further, take note that the annual price of your contract could increase or decrease significantly, depending on this factor.

It is for this reason that it is wiser, before taking any other step, to speak with your insurer.


Price factors for the premiums of a new life insurance

Along with the age of the insured as one of the main factors that dictate the price of an individual life insurance premium converted from group life insurance, other factors may be taken into account.


These include:

  • His gender;
  • Payment frequency (annual premiums cost less than monthly premiums);
  • The desired insurance amount.


The benefits of the right to convert group insurance 

Conversion of your group life insurance to individual life insurance will guarantee your family’s security even after you retire or quit your job.


Obviously, the right of conversion has several advantages. In fact, it is not uncommon for those who do so to be of an age when they particularly need to have life insurance.

By converting group life to individual life insurance, they get the assurance that they will continue to be covered.

You should also know that insurers can offer you the opportunity to purchase permanent or term life insurance.

Some companies will even offer to extend your group life insurance, which has become an individual life insurance policy, for one year, to give you the time to make a more informed choice.


Find life insurance or group insurance for you or your organization!

Are you looking for group life insurance that will meet the expectations of your organization but don’t know where to start?

By completing the short online form on this page, you will receive a free quote from one of our partners who work hard to offer their customers with insurance products that meet their needs and goals. Our partners are insurance brokers who represent more than 20 insurers in Quebec.

Just click below to receive a free quote for your life insurance based on your needs.

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