If you get life insurance through your employer, it’s natural to wonder what happens if you switch jobs — or get laid off. The answer? It depends on the type of coverage.
Group Life Insurance: Pros and Cons
Employer-provided life insurance is a great benefit, but it has limits:
- Coverage is usually 1–2x your annual salary
- You often lose it when you leave the company
- It may not be portable (you can’t take it with you)
Why You Need a Personal Policy
A personal life insurance policy stays with you no matter where you work. It ensures you’re always covered, even during job transitions or career breaks.
Bonus: You control the amount, the beneficiaries, and the policy terms.
Can You Convert Group to Personal?
Some plans allow you to convert group coverage into an individual policy when you leave — but the premiums may increase.
Final Thought
Employer insurance is a great perk, but it shouldn’t be your only safety net. Having your own policy gives you freedom, flexibility, and long-term peace of mind.If you would like for a licensed professional to help you explore your options, fill in a quick form below to get connected to a Canadian Insurance Broker.
