Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


Can I Get The Cash Value Of My Employee Life Insurance Policy When I'm Laid Off/leaving?

Term Life Insurance & Whole Life Insurance Discussion

Can I Get The Cash Value Of My Employee Life Insurance Policy When I'm Laid Off/leaving?

Postby Orford » Tue Oct 10, 2017 5:04 pm

Company just outsourced our entire department. I noticed in my "total compensation statement" that I have a couple thousand dollars almost in my cash value of my employee life insurance, and I want to know - can I cash this out since I'm leaving? My thinking is - since it is in my total compensation, it should be mine and I should get the cash value. I just want to know what an insurance agent says on this. Thanks!
Orford
 
Posts: 55
Joined: Sat Mar 15, 2014 11:40 am

Can I Get The Cash Value Of My Employee Life Insurance Policy When I'm Laid Off/leaving?

Postby Parisch » Wed Oct 11, 2017 5:36 am

If it shows "cash value", it's not term insurance and that's is a good thing in your case. If I were you, I would call the Human Resources department and ask them if the cash value is something that belongs to you, or if you have to be fully "vested" to receive it. Either way, let them know you may want to withdraw it and find out if you can do so.


Without looking at a copy of your policy I can't answer this in more detail.


Also, find out from H.R. if it is a "portable" policy, meaning you can take it with you when you leave the company. Some policies are, some aren't.


Good luck!
Parisch
 
Posts: 47
Joined: Fri Mar 21, 2014 9:56 pm


Return to Life Insurance

 


  • Related topics
    Replies
    Views
    Last post
cron