Group term life insurance is a type of life insurance that is provided to a group of individuals, usually as a benefit of employment or membership in an organization. It is typically offered by employers to their employees, or by organizations to their members. The coverage is usually provided on a term life insurance basis, and is typically offered at a lower cost than an individual policy.
With group term life insurance, the employer or organization pays the premium and the coverage amount is usually based on a multiple of the employee’s or member’s salary. The employee or member is typically not required to provide evidence of insurability, and the coverage is usually offered to all eligible employees or members.
The coverage is typically provided on a term life insurance basis, and is typically offered at a lower cost than an individual policy. The coverage may also include additional features such as accidental death and dismemberment coverage and dependent life coverage.
Group term life insurance is a convenient and affordable way for employees and members to obtain life insurance coverage, and can be a valuable benefit for employees and members.
