Now, after termination, what happens to them? If the premiums are already paid out let us say for next 10 years, can we get to keep them? It would be a lot of money. I mean as a coverage if I die or something? Or is it just some nasty trick that lasts only until I stay with that particular employer?
Employer stops paying premiums when you separate and the policy no longer covers you. You do not pay up premiums ahead of time, the plans are usually group term life insurance for one year of coverage and it is renewed annually.
However, there may be an option to convert your term life coverage to an individual permanent life insurance plan when you leave the company. But, you pay the premiums and it is usually a lot more costly than group term life insurance.
That's why it makes sense to have your own individual life insurance policy in addition to any group life insurance you have through your employer. That way, if you leave your job for any reason, you still have life insurance protection.