What feature must Group Life policies in Florida include?

Group Life insurance policies in Florida are required to include a conversion privilege to an individual policy. This provision is crucial as it allows members of the group to convert their coverage into an individual policy without having to provide proof of insurability if they leave the group, whether due to termination, retirement, or any other reason. This feature ensures that individuals are not left uninsured due to changes in their employment status or group membership, providing continued protection.

While immediate cash value, transferability to other insurers, and fixed premiums may be desirable features, they are not mandated under Florida law for Group Life policies. The conversion privilege specifically addresses the need for continued life insurance coverage for individuals who may be at risk of losing their group coverage. This aligns with the broader principles of accessibility and continuity of coverage that are central to insurance regulations.