This is the right of an individual to convert a Group Health or Life policy to an individual policy, should the individual cease to be a member of the group. Usually this can be done without a physical examination.
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That form of insurance for which the premium remains the same throughout the life of the contract. Most Whole Life Insurance is paid for in this way. The amount of a level premium is higher than needed for the protection afforded in the early years of the contract but less than needed for protection in the later years. It is a method of leveling off the cost of insurance so as not to have it increase each year until it becomes unaffordable. See also Net Level Premium.