What is the name of the policy provision that allows an employee to switch from group life coverage to an individual life policy?

The policy provision that allows an employee to switch from group life coverage to an individual life policy is known as the conversion provision. This provision is designed to give individuals who have lost their group coverage the opportunity to secure an individual policy without requiring them to undergo a new medical exam. This typically occurs when an employee leaves a job, when the group plan terminates, or when they no longer meet the eligibility criteria for group coverage.

The conversion provision is important because it provides continuity of coverage for individuals who may otherwise be unable to obtain life insurance due to health issues, thus ensuring that they maintain some level of life insurance protection after leaving group coverage. This is a crucial safety net for employees, as it addresses potential gaps in coverage that might arise during transitions in employment or group insurance status.

Other provisions mentioned, such as the change of beneficiary, transfer clause, and portability option, pertain to different aspects of insurance policies and do not specifically address the ability to convert group life coverage into an individual life policy.