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Group life insurance is a type of life insurance policy that provides coverage to a group of people, typically employees of a company or members of an organization. It is usually offered as an employee benefit and is typically paid for by the employer. Group life insurance policies are typically less expensive than individual policies, and they often provide additional benefits such as accelerated death benefits and portability.
Group life insurance policies typically provide a death benefit to the beneficiary of the policyholder in the event of their death. The death benefit is usually a lump sum payment, although some policies may also provide additional benefits such as funeral expenses or a survivor's benefit.
Group life insurance policies are typically renewable and can be converted to an individual policy if the policyholder leaves the group. This allows the policyholder to maintain their coverage even if they leave the group.
Some of the companies in the group life insurance market include Prudential, MetLife, AIG, New York Life, and Lincoln Financial Group. Show Less Read more
