Thread regarding Wells Fargo & Co. layoffs

Conversion / Portability for Life & AD&D

I didn't realize you could convert the group life &/or AD&D insurance after severance into a Whole Life policy or port to term life / AD&D policy via MetLife. I always thought those coverages were just benefits available while you're employed and once you're gone you're done and gone.

For the life in particular, what made you choose Whole or Term? Did you compare rates with other carriers? For me personally, I don't think I'll qualify for anything else with anybody else because of medical condtions, so the whole conversion is making some sense, even if I can't compare rates.

I guess I could call Big Lou.


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Post ID: @OP+1kwjgbv78

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@em OP HERE. You get a letter. Time will be of the essence. The letter was dated 2 weeks after severance ends (and then add USPS TIME) but there’s a formula for when is the last day you can do this is. Like 30 days for conversion to whole and 90 for porting to term from the later of notice or final termination date. (Cynical me says they are doing things in a way to maximize lapsing.)

It’s not really a “keep going” per se because you are converting or porting to a new policy. They provide an independent consultant (Barnum) to help you navigate.

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Post ID: @fn+1kwjgbv78

Do you get something in the mail how to do that? I'm nearing severance and I want to if possible keep life insurance that I had (even if is more a month that what I had thru wells) is it simple as that?

You just pay another company to keep it going as it ways has?
I'm curiously asking i don't know and I don't wanna sc--w something up by not taking action.

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Post ID: @em+1kwjgbv78

I'll tell you this as I sc--wed myself. Just get a term life outside Wells and lock in the rate. I should have locked in with a 3rd party. Now the rate resets every year. Especially once you hit 40. So instead of getting a policy for roughly $400/year in my early 30s or late 20s, I pay almost $1100/year now

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Post ID: @a9+1kwjgbv78

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