66. A group life insurance contract must give a participant who has been insured for at least 5 years the option to convert all or part of the life insurance protection into individual life insurance within 31 days after the expiry of the master policy if the master policy is not replaced or the replacement contract provides for a lesser amount of insurance.
The amount of insurance that may be converted must be at least $10,000 or 25% of the amount of the participant’s life insurance on the expiry of the master policy, whichever amount is greater.
The participant is not required to provide evidence of insurability and the insurer must comply with sections 63 to 65.
The conversion option does not apply to sickness or accident insurance incidental to the group life insurance contract.