Group Life Insurance

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Group term life insurance is an employee benefit that’s often provided for free by employers. Employees may also have the option to buy additional coverage through payroll. Group life insurance, also called group term life insurance, is one life insurance contract that covers a group of people. Employers commonly offer it as part of a benefits package:

What is group life insurance? A group life insurance is an insurance plan offered by the company or employer to its employees. The insurance offers financial security to the employees and their family members in case of any unfortunate incident. One major advantage of group life insurance is that it usually has lesser coverage cost compared to individual. You have limited options and cannot compare rates or coverage from different companies. Group life insurance provides insurance coverage to a group of people under a participating employer or organization. It allows you to choose a loved one as your beneficiary. You can access this insurance through your employer, church, an association, or as a veteran who served in the armed forces. The cost of this insurance and its premiums.