As the name implies, Conversion Plans allow you to automatically go from a pre-existing group plan into an individual plan without having to fill in a medical questionnaire.
Put your mind at ease because this plan will get you and your family covered.
If you fall into any of these categories, you have the option of buying Health and Dental coverage, Life Insurance, Critical Illness Insurance, and Disability Insurance, depending on your budget. If you have a Life Insurance policy through your employer, you can convert the same policy into an individual Life Insurance. This is of great benefit because in some situations, this is the only way to get Life Insurance. The premiums you will have to pay under the new plan are based on age, gender, and other contributing factors.
In general, insurance companies apply higher premium rates for Conversion Plans, as they presume that your health is not very good, and you have medical needs.
If you are retiring, this is of benefit to you because, depending on your income, it is a write off under the income tax.
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