GC 2510.27 SECTION 20 - DEPENDENT INSURANCE SECTION 20F - CONVERSION PRIVILEGE SECTION 20 - DEPENDENT INSURANCE SECTION 20F - CONVERSION PRIVILEGE CONVERSION PRIVILEGE If a Dependent’s coverage, or a portion of it, terminates because the Dependent is no longer eligible for coverage under the policy, the Dependent may apply for an individual life insurance conversion policy without evidence of insurability. The coverage amount of the individual life insurance conversion policy shall not exceed the amount of life insurance that ceases because of loss of eligibility for coverage under the policy minus the amount of any group life coverage for which the Dependent becomes eligible within 31 days of termination. If the Dependent’s coverage ceases due to termination of the Policy, the Dependent may apply for and receive an individual life insurance conversion policy if the Dependent’s group life insurance has been in force with AUL for five (5) continuous years before the termination date. The coverage amount of the individual life insurance conversion policy may not exceed the LESSER of: 1) the amount of life insurance that ceases because of termination minus the amount of any group life coverage for which the Dependent becomes eligible within 31 days of termination; or 2) $10,000. The conversion privilege is subject to the following: 1) Written application must be made and the first premium must be paid within 31 days after the date of termination of insurance. 2) An individual life insurance policy, other than term life insurance, offered by AUL at the time of conversion, may be selected. 3) The premium on the individual policy must be at AUL’s then customary rate applicable to the form and amount of the individual policy, to the class of risk to which You or dependent then belongs, and to the individual age attained by You or your dependent on the effective date of the individual policy. 4) The individual life insurance conversion policy takes effect on the last day of the application period and is in lieu of all benefits under the Policy. If notice of the existence of the conversion right is not given at least 15 days before the expiration of the period during which the conversion application and payment of the first premium must be made under the terms of the policy, the Dependent has an additional period within which to exercise the conversion right. The additional conversion application period created to exercise a right of conversion expires 15 days after the Dependent is given notice of the conversion right. However, irrespective of the date on which notice is given or of the absence of any notice, the additional conversion application period may not extend beyond 60 days after the expiration date of the period within which conversion application and payment of the first premium were to be made under the terms of the policy. For purposes of this section, notice of the right of conversion may be given to the Dependent in writing presented to You; mailed by the Group Policyholder to the last known address of the Dependent; or mailed by the insurer to the last known address of the Dependent as furnished by the Group Policyholder.