The coverage of an individual who exercises the continuation option under this subchapter continues without interruption and may not be canceled or otherwise terminated until:
(1) the insured fails to make a premium payment within the time required to make the payment;
(2) the insured becomes eligible for substantially similar coverage under another plan or program, including a group health insurance policy or contract, hospital or medical service subscriber contract, or medical practice or other prepayment plan; or
(3) the third anniversary of:
(A) the severance of the family relationship; or
(B) the retirement or death of the group member.