Conversion products: what’s available for plan members who are losing their coverage

Conversion products are available to plan members who lose their group benefits coverage after leaving your organization, either through retirement or for another reason. These products give individuals the option to continue coverage for basic and optional life, as well as extended health care and dental.

We offer three options: life conversion, ContinYou® and ContinYou® GOLDEN.

Life conversion

Life conversion products are applicable to people leaving their current group benefits plan, and who are under age 65. Applications must be received within 31 days of termination or the insured’s 65th birthday. No medical evidence is required.

Upon termination of their life benefits, a plan member or spouse can convert up to a maximum of $200,000 ($400,000 in QC) combined basic and optional life insurance to an individual policy. The plan member may choose any Co-operators agency they wish to facilitate the conversion.

For more information on life conversion, plan members should refer to their group benefits booklet.

ContinYou®

ContinYou® provides health and dental benefits to plan members previously covered under a group health and dental plan from The Co-operators. It’s available to insured plan members who are losing their group benefits coverage for any reason other than retirement, and who are under age 76.

With ContinYou®, plan members can choose from three levels of coverage. Important considerations include:

  • No medical statements are required, however plan members who choose to provide evidence of good health may be eligible for discounts.
  • The application window is 60 days after losing coverage.
  • Coverage begins on the first of the month following the day the application and premium are received.
  • Coverage ends at age 80.
  • Plans include survivor benefits, which provides a full year of health and dental coverage for the insured spouse and children, should the plan member die.

ContinYou® coverage is not identical to plan members’ previous group benefits coverage.

ContinYou® GOLDEN

ContinYou® GOLDEN gives retiring plan members an option for health and dental benefits after they lose their group coverage. Here are some key differences from the ContinYou® product:

  • Retiring plan members between ages 50 to 75 can apply.
  • Coverage begins on the first of the month following the day the application is approved and continues until death.
  • Applicants must have been insured as an employee under a group health and dental plan for a minimum of two years, however it is not required that the applicant’s previous carrier was The Co-operators.

For both ContinYou® and ContinYou® GOLDEN, cancellation of coverage is required in writing at least 30 days before the requested termination date. Plans will be cancelled the last day of the month, 30 days after we receive the notification. Any unpaid claims after termination, regardless of the date of service, will not be paid.

For more information on these conversion products, contact your Group Benefits Advisor.