I got laid off and called to check what the premium would be as I have 30 days to convert. I had term coverage for myself, spouse and kids and apparently VZ set it up so you can only convert to whole life instead of term which is what we have as employees. Switching to whole life for the same $2m policy just for me not including the other policies I had on spouse and kids would be $4700/month while I am out of work. I will need to call and shop around never had to pay life insurance outside of payroll deductions before but wow. So let’s pray nothing happens to me as the main breadwinner until I find a new job or an affordable policy.
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Exactly who needs a $2 million policy?
That's just asking for the old lady to cut your brake lines... ;-)
PS: when I left, I opt'd to keep paying for one yrs salary through VZ...
It's nowhere near $2mil, but it's over 100k and was around $35/m when I left. But it goes up as you age, however it's still under $60/m and that includes $25k coverage on the wife. (Current age 61). Which is a lot better the $400/m I saw someone list on here for a term policy outside the company. The life insurance currently the only thing I have left with the company. I still had my cell phone out of some misplaced loyalty until Hans added the "Customer Charge" to the bill... T-Mobile works fine, and their 55+ plans are still less than ALL of VZ's plans, even after the puny 25% VZ retiree discount.
Maybe this is a testament to how much OP’s base salary is? If so, high roller!
When I checked a few years ago it was going to be best case $400+ a month for 100k 10year term. Unfortunately I was born with some heart issues so am somewhat uninsurable. I got denied multiples on the vz plan when I tried adding it.
Ended up instead just saving that same amount per payperiod and am ahead a bit of what I would have been insured for.
How did you score a 2 million policy with VZ, we hade 10 times salary and they bumped us down to 6 times automatically at or around 55.
Selectquote.com use other insurance term websites to get quote
Until I find another position, I got a $200K 1 year term life insurance through Progressive. It was a few hundred dollars.
https://www.progressive.com/life-insurance/1-year-short-term-life-insurance/
Oh as much as VZ stinks wait till you see your premiums at other places of employment
I'm sorry. Same here. Both breadwinners laid off from Big Red so we're shopping for better health & dental insurance to switch too once Cobra is done if one of us doesn't find a new job with benes. soon.
Holy cr-p!! 4700 a month. That is bonkers. I hope you can find another job real quick and I’m sorry you are going through this.