(215 ILCS 5/1308)
(from Ch. 73, par. 1065.1008)
Notwithstanding the provisions of
Section 231.1(H) of this Code, all group mortgage life insurance policies
and any certificates issued thereunder shall include a conversion privilege
permitting a debtor insured to convert, without evidence of insurability,
to an individual policy of decreasing term insurance within 30 days of the
date the debtor insured's group coverage is terminated for any reason other
than the nonpayment of premiums. The initial amount of coverage under the
individual policy shall be an amount equal to the amount of coverage
terminated under the group policy and shall decrease over a term that
corresponds with the scheduled term of the insured debtor's mortgage loan.
The premium for the individual policy shall be the same
premium the debtor insured was paying under the group policy.
(Source: P.A. 86-378.)