Q. Can I drop my daughter that finished college and got married?
A. Sure, but you probably have to wait until the open enrollment period at work – that’s when you can generally add or drop dependents.
Is that going to leave her uninsured though? Is she eligible for another group health plan? She can stay on your health plan until she’s 26, even if she’s married. Here’s more on getting dropped from a parent’s health plan.
Q. Is there an insurance policy that pays off the mortgage when one of the insureds dies?
A. Mortgage life insurance specifically pays off a mortgage. But I wouldn’t buy that. Instead I’d buy a regular term life insurance policy that covers the time period of the mortgage and any other large debts. Then the beneficiary can use the benefit for whatever is needed, be it the mortgage, final expenses, etc.
Here’s a good discussion about the pros and cons of mortgage life insurance from Cash Money Life.
Q. Can my insurer cancel my health insurance the same day I’m let go at work? I thought they had to by law give you till the end of the month?
A. No, there’s no law like that. Health insurance typically ends on your last day of employment. However, you should be offered COBRA, unless your company has less than 20 employees. COBRA is your opportunity to continue to buy the health plan yourself.
The employer’s health plan administrator has to notify you of your rights to COBRA within 14 days. We have more information on your COBRA rights.