Group Life Insurance

• Understanding Group Life Insurance

  Group life insurance covers the lives of multiple persons such as some or all employees of a business, members of a labor union, or members of an association. Depending on the group life insurance policy, the insured person may receive life insurance coverage as an employee benefit, make a contribution to pay part of the cost, or may pay for the group life insurance policy on their own.
  

• Differences Between Individual and Group Life Insurance?

  Unlike an individual life insurance policy, group life insurance coverage is not based on the risk associated with an individual person.  Group life insurance policies are established based on the risk factor of the group as a whole, so higher risk members of the group are protected from being adversely singled out and either excluded or forced to pay more.  A member of a group life insurance policy is typically protected from their employer or organization cancelling their specific insurance as long as the person remains a member of the group.
  

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