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Conversion from Group Term Life to Individual Life insurance is a mandated consumer privilege. With Gen Re’s no-hassle Conversion Services solution, you can honor your contractual obligations without the burden.
Our seamless conversion services allow you to honor your contractual obligations without the burden – and lets you get back to growing your business.
Carriers face significant challenges when handling Group Term Life conversions in-house, whether they offer Individual Life Insurance or not. Carriers with an Individual Life business unit must coordinate teams across the enterprise to offer an internal solution. Carriers without an Individual Life business unit may incur staggering additional costs to administer an internal solution that includes new actuarial, accounting, claims, compliance, and systems capabilities.
Converted Group Term Life policies are not underwritten, have a longer tail, and can impact your experience for years to come.
The costs to create an Individual Life policy can be staggering for carriers without an Individual Life business unit. You may need additional actuarial, accounting, claims, compliance, and system resources to administer permanent insurance.
The conversion privilege is mandated in all 50 states, D.C. and Puerto Rico. Different state deadlines and coverages may apply to potential convertees – and need to be implemented correctly.
We have delivered Group Term Life Conversion solutions for more than 25 years.
As your risk partner, you’ll work with us and these companies for a seamless facilitation among the three parties.
HRMP is a third-party administrator. For nearly 30 years, HRMP has offered administrative and compliance reviews, ensuring your business is handled quickly and accurately the first time.
A well-known company with an A.M. Best A rating, Gerber Life provides the paper for the individual policy. Gerber Life is licensed to provide life insurance throughout the United States, Canada and Puerto Rico. Gerber Life provides financial security to over 3.6 million policies.
Contact us today to discuss your Conversion strategy.
