Portability

Rates are based on your age when you purchase coverage

When you enroll in voluntary benefits, your rate is based on a number of factors, including age. The younger you are when you apply for coverage, the lower your rate will be. Obviously, you’ll never be any younger than you were when you originally purchased your benefits. If you cancel your policy and apply for coverage with your new company, your rate could be higher since you’re older. By keeping your portable benefits, you can hold on to that low rate you locked in when you first enrolled.

More freedom to change jobs without losing security

Changing jobs or your career path can come with a lot of uncertainty. Many people find it easier to stay with their current job, particularly in economic downturns or when there are other changes happening in their personal life, because they depend on the financial security of their paycheck and benefits coverage. Portable voluntary benefits policies allow you to explore other employment options more freely because you can keep the same coverage regardless of your next career move. Even if you find yourself in-between jobs and waiting for an offer, having the security of voluntary benefits coverage can help ease your anxiety should you experience an unexpected medical event in the meantime.

Avoid pre-existing condition waiting period

A pre-existing condition is a condition or illness that you have already been diagnosed with or treated for prior to purchasing new coverage. Often times, when you enroll in new benefits, there is a waiting period that must pass before you can receive coverage for any pre-existing medical conditions. If you keep your portable voluntary benefits, you can avoid any potential waiting periods implemented for your new benefits coverage.

No new medical questions or exams

You may remember when you first enrolled for voluntary benefits, you likely needed to answer medical questions or perhaps even complete a medical exam before your policy could become effective. With portable voluntary benefits coverage, any medical questions or exams that you’ve already completed are still valid if you change jobs. However, if you drop your portable benefits and decide to enroll with another employer, you will likely need to go through the process again to receive your benefits coverage.

Keep policy features that you value

You enrolled in your company’s voluntary benefits for a reason. Whether you have a universal life insurance policy that features long-term care benefits or a critical illness insurance policy that pays benefits for early stage diagnosis, there are certain aspects of your policies you must value; otherwise, you wouldn’t have enrolled in the first place! When we don’t necessarily review or use our voluntary benefits on a regular basis, we tend to forget the value they can provide. Be sure to review your policies, especially if you plan to change jobs, so that you can remember your reasons for enrolling and keep those policy features that you love.

Keep your accumulated cash value on life insurance

In the case of life insurance, your policy likely accumulates cash value over time. However, if you terminate your coverage, your beneficiaries lose out on any cash value that you’ve built. The longer you keep your original life insurance policy regardless of career changes, the better you’ll be able to maximize your investment over time. Voluntary benefits can provide you with both financial and psychological security, knowing that you’re protected and prepared for the unexpected. To keep your coverage and maximize your benefits, take advantage of voluntary benefits portability. The ability to take these benefits with you when you change employers is just one more way they can continue providing value no matter where life takes you.