What Does Voluntary Term Life Insurance Mean? 
As stated , voluntary Term is offered on group policies and is voluntary , meaning you do not have to take it . Term insurance means that it is only offered for a specific period . Never rely on voluntary term as your whole insurance package . This only covers you while you are employed . That is why it is called term insurance . Some contracts will allow you to convert it to a permanent policy if you leave your job but that would be at a much higher rate . Most however do not offer that option . Some individual health policies also offer voluntary term insurance . This covers you while you have that policy but you lose it if you change insurance companies . You are better off in most cases to purchase insurance on your own . 