Also: Your spouse's health could be a major issue. I'd expect that the pool of people who convert group life contains an unusually high fraction of unusually poor risks. For the insurer to make money, it needs to charge a rate that covers the entire pool, healthy and unhealthy.
If you need the insurance, and she's in unusually poor health, this may be a good deal. Check the rates on various alternatives.
If you need the insurance, but she's in normal good health, she can probably get a better deal elsewhere.