When your group health and/or life insurance coverage ends, due to loss of employment, expiration of COBRA, or loss of eligibility as a dependent or spouse, your health plan and/or life plan may have to offer you an individual plan. This is called a Conversion option and means you may have a choice of “converting” your coverage to an individual policy. If you qualify for a conversion plan, you cannot be denied insurance because of your medical history. If you buy a conversion plan, you have to pay the premiums. Conversion plans also have prescribed time frames for converting from a group plan to an individual plan.