Conversion vs porting of group life & AD&D from former employer
I (M, 60) very recently left a former employer. I have a narrow window where I can convert my group life insurance ($550K, no cash value as I understand it) to whole or port it to term (not clear yet what kind of term, waiting for a transition call with MetLife to happen). I can also convert the AD&D ($600K). I haven't gotten the rates yet on the whole side (I expect they will be a big multiple of the term rates). As a long-term cancer patient (and with any luck much much longer term ahead) I'm not going to be insurable elsewhere at least for the life. So it's one of these two or nothing. The AD&D rates are probably a rounding error comparatively.
Really, I'm thinking about the policy payouts as a nice thing for my survivors on top of other assets they would receive. There's no mortgage or other major debt burden to offset.
What should I be asking or thinking about? Obviously I need to get my arms around the term option and is it level or not. But for term is it basically like thinking about ROI for different death scenarios (I pay $x per month and get $y as payout)?