What is a key benefit of Group Insurance?

A key benefit of Group Insurance is that underwriting is based on the group as a whole rather than on individual assessments. This approach allows for simplified underwriting procedures, making it easier and often more cost-effective for individuals to obtain coverage. Instead of evaluating each member's risk profile individually, insurers assess the overall risk of the group, which can lead to lower premiums and broader coverage options for participants. This collective risk assessment often results in benefits such as guaranteed issue and reduced waiting times for coverage, which are significant advantages for employees or members of a group seeking insurance.

The other options present aspects that do not accurately reflect the core benefits of group insurance. For instance, group insurance tends to be more economical rather than more expensive compared to individual insurance, typically leading to lower premiums for the members. Additionally, coverage is usually provided under a single contract, covering all members as part of the group plan, rather than issued under separate contracts for each individual. Lastly, premiums do not generally decrease upon leaving the group; instead, individuals may face higher costs if they seek new, individual coverage outside the group plan.