Wondering if a management person recently surplussed can inform on supplemental term life insurance that you had in place while employed? I know it is at least partly subsidized by company so I would guess that it goes away...wondering if they gave you an option to keep it (presumably at a greater cost)? Thinking I should probably start shopping something outside of the company so that my family is protected after I get the boot. I haven’t yet but the writing seems to be on the wall.
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A former employee here. I was not given the option to keep any life insurance coverage however the company who held the long term care insurance reached out to me directly to continue. I kept LTC with the same coverage for $32 a month.
This is the OP. Looking at One Stop, there is an "AT&T Group Life Insurance Program for Former Management Employees" document that explains the options available. Looks like surplussed management from eligible companies can continue their supplemental term life coverage.... but the premiums will likely go up, which makes sense. There are also portability and conversion options discussed in the document. Thought I would share this for anyone following. If anyone has any further information please share.
@pvh - Thanks I know that, this is why I am asking the question. If I drop dead while still here, I will be more than fine, but I do now recognize that having all life insurance through the company is not the best idea in the event of surplus. So I will indeed be looking at external quotes, just looking for someone in the know that could tell me their experience with regard to the supplemental term life insurance. It's not really a "group" insurance, when you go over a certain amount, as with any term life insurance they send someone out to draw blood, weigh you, etc. to verify insurability. I believe it's through MetLife. I would imagine there is an option to take it with you when you leave at a higher (unsubsidized) rate, just looking to confirm so I might be able to compare to any external quotes I get.
I would highly suggest that company group life insurance not be your only coverage ever.
Call HR, record the call (for you benefit) don’t rely on memory, ask that question plus any and all questions you anticipate to be révélant to your future needs. Don’t let there be any surprises.
And above all else, do not try to get answers from co-workers or your boss....chances are almost certain they don’t know anyway....keep it in house!
Good luck