I looked for another thread with the answers, but could not find one. I recently left my job and am transitioning to another one. I received documentation to convert or port my coverage. They are really similar to me, therefore I am definitely baffled -__- Are they just ways for me to keep my coverage even if I leave my job?
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In general, portability suggests you can carry the coverage as-is or something similar when you move. Conversion allows you to switch to another type of coverage, often permanent life insurance.
However, it’s best to consult with the insurance company for specific details.
Usually, the pricing for these options may not be as competitive as a personal policy you could qualify for when in good health. But if you have health issues, these options can still be valuable.
My advice would be to accept the coverage offered and then explore other options that best suit your needs. Once you’ve secured suitable coverage elsewhere, you can then consider canceling the initial coverage.
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You’re better off securing your own policy to avoid your employer having control over something you shouldn’t. Group life insurance isn’t ideal.
It’s advisable not to rely on work-related benefits. Even if you’ve been employed and become disabled for more than six months, such policies often won’t provide payouts. The wisest approach is to secure a policy independently, outside of your workplace.
I got some paperwork about converting or porting my health insurance, but they sound like the same thing. I’m a little confused