cobra only allows you to pay out of pocket up to 102% above what your medical benefits are. In other words paying full price instead of a precetage of your medical benefits. for only a period of 18months.
Life insurance is an after tax benefit, and not covered. The company that handles your "third party benefits" will contact you with in 90 days of your spouse job loss, to offer you methods of payments to maintain your life insurance coverage.
I am only knowledgable on this becuz i have had to both pay out of pocket fully for my medical coverage to continue and knew that if I let my life insurance lapse, I'd never get another policy!
Again, you really need to talk to your husband's HR people. Be proactive, they normally don't offer information unless you ask.