(a) A policy of wholesale, franchise, or employee life insurance must contain in substance the provisions prescribed by this section.
(b) The policy must provide that, subject to Subsections (c) and (d), if the insurance on an individual insured under the policy ceases because the individual's employment or membership in the labor or credit union terminates, the individual is entitled to have the insurer issue to the individual an individual life insurance policy without disability or other supplementary benefits.
(c) An individual policy under this section must be issued without evidence of insurability.
(d) An individual must apply for an individual policy and pay the first premium to the insurer not later than the 31st day after the date the individual's employment or membership terminates.