Group Life Insurance
Updated: 06 November 2024
What Does Group Life Insurance Mean?
Group life insurance is a type of life insurance provided to a group, typically by companies or large organizations. Many employers offer group life insurance to their employees as part of a benefits package to incentivize them to work for the company.
Insuranceopedia Explains Group Life Insurance
People who receive life insurance as part of a group plan often pay significantly less than they would for an individual policy, as companies frequently secure discounts by purchasing policies in bulk. It’s common for employees to contribute a portion of their paycheck toward life insurance premiums. Term life insurance is the most common type of life insurance offered by companies in group plans.
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