Nearing 50. May be later off – Thinking of becoming self employed- life insurance questions

My current employer is laying off people and I may or may not get the axe. I am also considering becoming self employed to take control of my own future. I have been there for 20 years.

Either way what are my options to getting life insurance now ? I am very overweight and have diabetes and have had some issues that getting a policy outside will be a challenge.

There is a portable option or conversion in my company’s group policy. I am not sure exactly what that is. I am a single parent with a young child and have always had the maximum insurance that I can get through work.

Are there any options for me to remain insured ?

I feel really stupid for not getting a individual term insurance by myself when I was younger. I never thought about theses things.

Tldr ; layoff maybe difficult to get individual life insurance how to proceed ? Have portability or something

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