Benefit Continuation - Koch Foods, Inc.

If you participate in the Voluntary Term Life insurance program, you have the option of porting the coverage in lieu of conversion. You select the amount of coverage you wish to maintain. Proof of good health is not required unless you elect to increase your coverage amount. The minimum amount of coverage you may continue is $10,000.

You may also elect to continue coverage for any covered dependents if you continue your coverage. Proof of good health is not required unless you elect to increase a dependent's coverage amount.

To continue this insurance coverage, complete the Portability Application. It's not necessary for you or your former employer to complete the "Employer to Complete" section, as that information has already been provided to the insurance carrier. You will also receive a letter of notification of your right to port Voluntary Term Life coverage if Principal is notified by your prior employer within 45 days of your date of termination.  To continue your Voluntary Term Life coverage, you may use the portability application that is provided via the link below or you can use the application that is mailed to you.

The portability rates are included on the Rates document. 

Please refer to your certificate of coverage regarding any limitations and termination provisions for this coverage. If you no longer have a copy of this, one will be provided upon your request. You must apply for this coverage within 60 days of losing coverage.

• Portability Application (PDF) - enter account number: 1059226
• Rates (PDF)

After completing the application, send it and your check for the first month's premium to:

Principal Life Insurance Company
Life Portability
Des Moines, Iowa 50392-0002

You'll then receive a letter from Principal Life explaining your coverage amounts and benefits as well as when and how to make future direct premium payments.

Individual Purchase Rights (conversion) allow qualifying individuals previously covered under Voluntary Term Life policies, to buy individual life insurance coverage without proof of good health. Coverage is provided through an individual Life Insurance policy issued by Principal Life Insurance Company and Principal National Life Insurance (except in NY). Dependents may also convert their Voluntary Term Life coverage independent of the employee’s conversion. The minimum amount of coverage you may convert is $1,000 to the maximum amount of insurance you had under your former employer's policy.

Follow these steps to enroll:

1.    Review the application instructions/rate sheet for your state (see table below) and the group life conversion FAQ sheet (PDF).
2.    Complete the application for individual life insurance—group conversion for your state (see table below).
3.    Mail the completed application and your first premium to the address listed on the application.

You have 31 days after the date your group coverage ends to convert coverage without proof of good health. Conversion rates will be based on your current age and smoking status. Refer to the documents above for additional details regarding rates.