You are able to convert basic term life coverage to an individual life insurance policy without answering any health-related questions. Premiums may be higher for the individual life policy than those paid for the group term policy.
Employees under the age of 70 can continue half of the voluntary term life insurance coverage at the time of leaving. The least amount that can be continued is $5,000 and the most is $250,000. Employees who continue half of their voluntary term life coverage can then convert that coverage to an individual policy once they reach age 70. Instead of continuing half of their voluntary term life coverage, employees under the age of 70 can also convert their voluntary term life coverage to an individual policy. Employees over the age of 70 can convert their voluntary term life coverage to an individual policy.