Converting Benefits

Replacing your current group benefits coverage has never been easier. Upon termination of employment you may wish to replace the group benefits insurance you are currently receiving as an employee. The SoloPLUS Benefits Program allows you to convert from an existing group policy to an individual policy. If you decide to convert your existing policy, please contact GroupHEALTH Global directly. Refer to your wallet certificate or plan description booklet for details on your policy and identification numbers. The insurer will forward conversion details directly to you.

The following outlines the group benefits for which you may currently be covered:

  • Extended Health Care
  • Dental Care
  • Group Life Insurance
  • Optional Life Insurance
  • Optional Dependant Life Insurance
  • Basic Accident & Serious Illness (ASI)
  • Optional Accident & Serious Illness Insurance (ASI)
  • Critical Illness

This website provides a general guideline of options available to you, however, please note that specific provisions vary from contract to contract and certain optional coverage contained herein may not apply to your current situation. Likewise, additional privileges such as conversion of your Long Term Disability coverage may be available to you. Please consult your employer or the insurer directly for terms and conditions that may apply to you. Life Insurance contracts and many ASI contracts allow an employee whose employment is terminating to convert from a group policy to an individual policy.

What is Conversion? Employees under the maximum age as specified in the group insurance contract (usually age 65) may convert all or part of their group insurance to an individual policy without supplying medical evidence of insurability.

Is there a maximum amount of insurance I may convert? The maximum that may be converted is usually the lesser of the amount of insurance for which you are covered under the group plan or $200,000 for Group and Optional Insurance combined. Optional plans for family members (Spousal and/or Dependent Life) are subject to the same maximums.

Basic & Optional ASI Maximums The maximum principle sum you may convert will usually be the lesser of the amount for which you are insured under your group policy or $200,000.

When is conversion available? Conversions are available when an insured employee is under the maximum age (usually 65) and the application is received by the insurer within 31 days of termination.

Typically, what Individual Life Insurance Policies are available?

1. One Year Non-Renewable, Convertible Term Insurance

  • Offers the lowest premium of group insurance conversion options
  • Does not have cash values, dividends or any "Paid Up" options
  • Coverage ceases one year from date of policy issue, but after one year you may covert the insurance to any permanent (Whole Life) plan of insurance

2. Term Insurance to Age 65, Non-Convertible Level premiums to age 65

  • Cost is lower than Whole Life
  • Has cash values, but not dividends of "Paid Up" options
  • Cannot be converted or changed to another plan of insurance
  • Coverage cannot be continued beyond age 65

3. Whole Life

  • Coverage for life (insurer cannot cancel coverage as long as you pay premiums)
  • Has guaranteed cash value
  • Has dividends in addition to cash value
  • May elect a reduced amount of coverage at a future date without having to make additional premium payments

Extended Health Care & Dental Care Several insurers sell individual extended health care and dental care packages, either alone or in combinations. Selecting a plan is a matter of personal preference. Review the needs and budget of your family to determine the plan that is right for you. Every plan has different policy provisions and limitations that may be different from your current plan. Be sure to read the contract carefully before making a final decision. Your group insurer may offer variations of the listed packages. If you plan to convert to an individual plan, you may want to discuss other options that may be available to you. The insurer will quote standard individual policy rates based on your age, amount of benefit and class of risk to which you belong. It is important to understand that conversion policy rates, without supplying medical evidence of insurability, typically tend to be higher than those available under a group company plan. You may want to contact several insurers and compare pricing for your specific situation.

IMPORTANT! If you decide to exercise your conversion option, the application and premium cheque must be received by the insurer within 31 days following the date of termination of coverage under the group policy.