I got fired from my job, is their any way to get my Life Insurance Money?

Question by chucky_fausel: I got fired from my job, is their any way to get my Life Insurance Money?
I was at my recent job for almost a year. I got the benefits after my third month and I was wondering if I can just take the money from the Life Insurance Policy. I got a letter today for “Application For Conversion of Group Life Insurance”. Reason for termination of group life insurance is “Group Policy Terminated”, but it says “Amount of Current Insurance Available: $ x. Is there any way of collecting the money from it rather than carry it on?

Best answer:

Answer by Mopar Muscle Gal
no

you would have received it if you had died while this being employed

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3 comments to I got fired from my job, is their any way to get my Life Insurance Money?

  • Brook

    If the policy has a cash value you possibly could cash it out, but that is highly unlikely. Most group plans are some variation of term, and do not carry any cash value that can be taken from the policy.

  • mbrcatz

    No, you can’t.

    There is no “money” in group term life insurance if you don’t die. It doesn’t build cash value.

    What that paper is telling you, is that if you WANT to keep that life insurance, you can, if YOU start paying the premiums. That $ X available, is the DEATH BENEFIT – what it will pay out, if you die. It’s not cash in the bank.

  • Caveat Emptor

    If you had employer group term life insurance, there is no cash value and no refund of premiums.

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