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Portability of Voluntary Term Life Insurance (Employee, Spouse/Domestic Partner, Child/men) Underwritten by Life Insurance Company of North America, a Cagney company Please print (preferably in black

How to fill out portability of voluntary term

Point by point, here is how to fill out the portability of voluntary term form and an explanation of who needs it:

1. Start by gathering all the necessary information: This includes personal details such as your name, address, contact information, and social security number. Additionally, you will need information about your current voluntary term policy, including the policy number and coverage details.
2. Understand the purpose of the portability of voluntary term: Portability allows you to transfer your existing voluntary term policy to a new employer or insurer without losing any benefits or experiencing a lapse in coverage. This is particularly beneficial if you change jobs or if your employer discontinues the group policy.
3. Review the requirements and eligibility criteria: Different insurers may have specific guidelines for portability. Make sure you understand the eligibility requirements, any applicable waiting periods, and the timeframe within which the portability must be exercised.
4. Complete the portability of voluntary term form: Fill out the form accurately and double-check for any errors or missing information. It usually requires information about your existing policy, your new employer or insurer, and your intent to transfer the coverage.
5. Submit the form to the appropriate party: Once you have completed the form, follow the instructions provided by your current insurer. This may involve submitting the form to your employer's benefits administrator or directly to the insurer. Ensure you keep a copy of the form for your records.
6. Review any additional documents or requirements: In some cases, you may be asked to provide additional documentation, such as proof of your new employment or payment for the new policy. Ensure you comply with any supplementary requirements to ensure a smooth transition.

Who needs portability of voluntary term?

1. Individuals changing jobs: If you are moving to a new employer, especially one that does not offer voluntary term coverage, portability allows you to maintain your current policy even without the group coverage provided by your new employer.
2. Employees with group coverage changes: Portability is particularly relevant if your current employer discontinues the group voluntary term policy or makes significant changes that negatively impact your coverage. In such cases, portability allows you to continue with your existing policy independently.
3. Those seeking continuity of coverage: If you have a voluntary term policy that adequately meets your needs, portability ensures you don't have to start from scratch with a new insurer or policy. This is especially advantageous if you have pre-existing conditions or if the current policy provides better coverage terms than what is available elsewhere.

Remember, it is always advisable to consult with your insurance provider or an expert in the field for specific guidance and to address any additional questions or concerns about filling out the portability form.

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