answersLogoWhite

0


Best Answer

A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is portable life insurance?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is portable life insurance the same as long term health care?

No. You will only get "insurance" from an insurance company.


What is portable supplemental life insurance?

Portable supplemental life insurance is any individual life insurance policy that is not taken through an employer group. The employer provided life insurance coverage will be lost as soon as you change jobs, get laid off, fired or if you quit, while the individual life insurance policies will continue to stay in force regardless of your employment situation (providing you are paying the premiums on time).


If you have life insurance through your company do you lose your life insurance if terminated?

It depends on your company, and the way that they have set up the plan. Some of the group life insurance is portable, which means that it comes with you when you leave if you so desire. Other types of group life terminate as soon as you leave employment.


What is supplemental life insurance?

Portable supplemental life insurance is any individual life insurance policy that is not taken through an employer group. The employer provided life insurance coverage will be lost as soon as you change jobs, get laid off, fired or if you quit, while the individual life insurance policies will continue to stay in force regardless of your employment situation (providing you are paying the premiums on time).


Is it mandatory for companies to provide life insurance?

No, it's not mandatory. The IRS is allowing employers to deduct the costs of providing Group Life Insurance, up to $50,000 per individual, and construing this benefit as non-taxable to the employees. Group Life insurance is non-portable, you can't take it with you, and ceases when you leave your workplace.


When was Portable Life created?

Portable Life was created on 2008-09-30.


Can companys decrease your life insurance?

If you only have life insurance through a group plan with your company, the answer is Yes. Coverage through your employer is not portable in most cases and is usually out of your control. They generally follow a formula such as: 2 x Salary plus $10,000, as an example. They can drop this coverage at any time. It is always important to have you own life insurance outside of your employer.


Does vodacom insurance have a product that covers your laptop or portable device against loss damage or theft?

Laptop and portable device cover


Do you need a will for life insurance?

You do not need a will for life insurance. I don't have a will, but I have life insurance. ;)


What products does AAA Life Insurance Company offer?

AAA Life Insurance offers three main types of life insurance policy these include Whole Life insurance, Term Life Insurance and Universal Life Insurance.


What kind of cases do life insurance lawyers in Wichita, KS handle?

The following are the types of life insurance lawyers in wichita •Life Insurance for Smokers •Life Insurance for NonSmokers •Business Life Insurance •Universal Life Insurance


which is the best life insurance company in usa?