Termination of group policy--Issuance of individual policy to insured person, amount of policy

Except as provided in § 58-16-31 , a group life insurance policy shall contain a provision that if the group policy terminates or is amended to terminate the insurance of any class of insured persons, any person insured at the termination date whose insurance terminates and who has been so insured for at least five years prior to that termination date may have an individual life insurance policy issued to him by the insurer. That policy is subject to the conditions and limitations provided in §