A memberâ€(tm)s option to purchase an individual policy on termination of group coverage without evidence of insurability.
Once a person is no longer eligible for coverage under a group plan, the person may apply to have eligibility transferred to an individual policy. The premiums will be greater than group rates and benefits will also vary from the group plan.
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
The process of exchanging benefits for the purpose of increasing or decreasing coverage.
The ability to have a new policy issued to continue coverage (based on Company guidelines) without providing evidence of insurability
An individual health policy issued to an employee or dependent leaving the group. The conversion policy is issued without regard to pre-existing conditions at appropriate rates. The benefits are generally limited.
An individual policy issued to an employee or dependent that leaves the group plan. The conversion policy may be issued with regard to pre-existing conditions at appropriate rates. The benefits are generally limited and the individual is responsible for paying the premium rates to the conversion carrier. HCC Life offers conversion for a company called Celtic Life Insurance Company to its stop loss clients and Gerber Life Insurance Company to its Group Life clients.
Privilege Allows the policy-owner, before an original insurance policy expires, to elect to have a new policy issued that will continue the insurance coverage. Conversion may be effected at attained age (premiums based on the age attained at time of conversion) or at original age (premiums based on age at time of original issue). Click here to go back to the top