What happens to Life insurance after you stop paying?

Question

In my old job I had Life Insurance, which I paid for a few years....then I quit........(maybe 4 years ago).

What happens to the money I put in?

Can I get some of it back?

Did the insurance automatically become void once I stopped putting money into it?

In my new job I am into something similar right now...I pay for "Life and AD" , "Supplemental AD and D Supplemental AD&D" Insurance and "Long-Term Disability"

Where does it all go? What happens if I quit my work and stop paying?

Thanks....!

Answer 1

Like Social Security the people paying in go to pay those on the receiving end.  You get nothing.

Answer 2

Life insurance is NOT a savings account.  Group life insurance, is a TERM policy.  If you don't "convert" it when you leave the group, it's CANCELLED.  Flat out.  It isn't, any more.  

When you quit and stop paying, the coverage stops.  The money goes to pay claims, that other people put in, while THEIR policy is active.

Answer 3

Employment group life insurance is always term coverage.  You are covered as long as you pay the premiums.  If you don't, or leave the company, the coverage terminates.  You do not get term premiums back.

Answer 4

It's group insurance.  Once you quit the coverage is gone.

Second, Drop the AD&D coverage.  It's a waste of money.  The conditions that need to happen for it to pay out are so crazy, that you'll be lucky to get any money from it.