What is a requirement for Group Life policies in Florida?

Group Life policies in Florida are required to contain a conversion privilege. This provision allows members of a group policy to convert their insurance coverage to an individual policy without providing evidence of insurability, meaning they do not need to undergo a medical examination. This is significant because it ensures that individuals, especially those who might have developed health issues while covered under the group policy, can still maintain life insurance coverage even after leaving the group.

The conversion privilege is designed to protect consumers and provides a safety net for individuals who might lose their coverage due to changes in employment or the termination of their group plan. This requirement is implemented to enhance accessibility to life insurance and is a crucial feature that is expected in group policies in Florida.

Additionally, while other options address important aspects of insurance policies, they do not reflect the specific requirements laid out in Florida law for Group Life policies. For example, not all group life policies must offer a cash surrender value, and conversion without a medical examination is not universally mandated, illustrating the necessity of the conversion privilege as a distinct requirement.