63. The insurer must give a participant who leaves the group either of the following options without the participant having to provide evidence of insurability:
(1) individual life insurance, temporary or permanent, at the participant’s option, providing protection comparable to that provided under the group insurance contract both as to amount and term; or
(2) individual life insurance for one year, providing protection comparable to that provided under the group insurance contract, but convertible at the end of the year, at the participant’s option, into insurance described in subparagraph 1.
The premium for the first year of the insurance described in subparagraph 1 of the first paragraph may not exceed the premium for temporary one-year insurance.