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Insurance Options for the Unemployed

If you have recently experienced job loss, you may need health and life insurance. Below are options to consider.

Health Insurance


COBRA

COBRA is paid out of your pocket, but is a continuation of the employer-provided health insurance coverage to employees who have voluntarily or involuntarily lost their job. You should contact your employer's Human Resources department regarding COBRA health insurance.

State Paid Healthcare

You may be eligible for state paid healthcare. Below are the basic parameters:
  • If you began work for the State of NC prior to 10/01/2006 as a permanent employee working at least 30 hours per week for 9 months or more per year - you may be eligible for fully-funded retiree health coverage if you worked for the state at least 5 years.
  • If you began work for the State of NC after 10/01/2006 as a permanent employee working at least 30 hours per week for 9 months or more per year - you may be eligible for fully-funded retiree health coverage if you worked for the state at least 20 years.
  • State Employees are vested in the Retirement System and eligible for some retiree benefits after working for 5 years.
For detailed parameters contact your department's Human Resource Representative.

Spouse's Health Insurance

You may also want to consider being added to your spouse's group health plan if the option is available. Loss of your job and loss of COBRA benefits are considered qualifying events, which are typically required to gain coverage through a spouses plan. Your spouse should talk to his/her Human Resource Department to find out more detailed information and options.

SECU Health Insurance

SECU has three individual health coverage options available with office visit co-pays beginning at $15, deductibles ranging from $1,000 - $20,000, a range of co-insurance options and prescription drug coverage. Premiums vary based on the coverage options of the plan chosen. To learn more about SECU options visit our Health Insurance page or visit your local branch.

Life Insurance


Retirement System Death Benefit - Participants in the Teachers' and State Employees' Retirement System become eligible for a death benefit after one year as a contributing member. This benefit is paid if the death occurs within 180 days of the last day for which salary was paid.

Group Life Plans through Employment - Typically, group life plans available through employment cease upon job termination. Your Human Resources department can determine if this is indeed the case.

Term Life Insurance - A good choice for primary insurance protection is individual term life insurance. It is the simplest and often most affordable type of individual life insurance available. To learn about SECU options visit our Life Insurance page or your local branch.

Risk in Waiting for New Employment - Being uninsured or underinsured for life insurance between jobs certainly poses some risk for dependents. Additionally, there is the possibility that access to group life insurance may not be available upon new employment.

*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.