What type of life insurance can you convert your group life into upon termination of employment?

When an individual terminates their employment, they often have the option to convert their group life insurance policy into an individual policy. The type of life insurance that they can typically convert to is whole life insurance.

Whole life insurance provides lifetime coverage and has a cash value component, which is an attractive feature for individuals looking for long-term financial security. This conversion option is critical because it allows individuals to maintain their life insurance coverage without the need to provide evidence of insurability, which may be required for new individual policies.

Converting to term insurance is usually not an option because term life policies are designed for a specific period and do not accumulate cash value. As a result, the conversion route from group to an individual policy is mainly geared toward whole life insurance, making this answer appropriate.