Coverage may reduce or terminate at a certain age or at retirement, depending on the benefit.
- Please notify your Billing Administrator of any member that is expected to retire.
- You do not need to notify GroupSource of age-related changes, as our system WEBS™ will automatically process such changes (ex. LTD ending at age 65).
- You will receive notifications with your monthly billing statement in WEBS™ for any employees approaching an age at which benefits terminate or change.
- Any premium changes will be reflected on the first of the month following the change in coverage.
- Advise the employee (and spouse) of their right to apply to convert their Life Insurance coverage to an individual policy when coverage reduces or terminates. See “Purchasing Individual Life Insurance (Conversion Privilege)”.
Tip!
Advise the member (and spouse) of their right to apply to convert their Life Insurance coverage to an individual policy when coverage reduces or terminates.