What is the primary purpose of group insurance?

The primary purpose of group insurance is to provide coverage to individuals who might not otherwise afford it. This type of insurance is typically offered by employers or organizations as a way to cover a larger number of people under one policy, thereby reducing the cost per individual. By pooling risks among many members, group insurance can offer more affordable premium rates compared to individual policies.

This approach benefits not only those who may have limited financial means to secure insurance on their own but also helps ensure that a broad segment of the population has access to essential coverage, thereby increasing overall health and financial security. Group insurance plans often come with fewer underwriting requirements, making it accessible for people who might find it challenging to secure insurance due to pre-existing conditions or other factors.

The other options center around specific demographics or business considerations rather than the overarching goal of making insurance accessible and affordable for larger groups, which is fundamentally what group insurance aims to achieve.