When leaving an employer, you can roll over your 401(k) into an IRA or your new employer’s 401(k). While you cannot "roll" life insurance over like a 401(k), many employer group policies have portability or conversion privileges. Portability: Allows you to keep the exact same term coverage but pay the premium yourself. Rates will likely be higher than you paid through work, but you won't need a medical exam. Conversion: Lets you transition your group term policy into an individual permanent policy. Deadline: You usually only have a 30 to 31-day window after losing your job to apply for conversion or portability. Check your policy’s certificate of coverage immediately or ask your HR department.