John, my neighbor asked me today to explain what is “Group Life Insurance?”
Group Life insurance is policy that insures a group of people. Its a type of insurance in which a group of people are covered- if you are part of the group.
Group Life Insurance is often provided by employers as an employee benefit because it is an economical way for employers to provide a quality benefit that employees value. Employees can usually be insured without medical n as a group of people under a master policy.
amount of coverage can vary from $10,000 to $100,000. Coverage ceases at the age of 70. Upon the termination of employment, the insured employee may continue coverage through an individual term policy without evidence of insurability for as long as the insured person continues to pay premiums.
Full-time employees may purchase additional life insurance for themselves, their spouse and eligible dependent children and have premiums deducted from their paycheck.
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