In Virginia, what is a key feature of group life insurance policies?

A key feature of group life insurance policies is the conversion option. This feature is particularly significant because it allows individuals covered under a group life insurance plan to convert their group coverage into an individual policy without having to provide evidence of insurability. This is crucial for participants who may leave the group plan due to job changes, retirement, or other reasons. The conversion typically must occur within a specified period after the group coverage ends, ensuring that individuals have a way to maintain life insurance protection even when they're no longer part of the group.

While group life insurance policies can have various attributes, such as providing a level of death benefit protection for employees, the conversion option specifically addresses the needs of policyholders transitioning to individual policies and securing ongoing life insurance coverage. Other features like cash value accumulation, universal coverage, or lifetime renewability may not apply or be as prevalent in group policies compared to individual life insurance products.