Group Life Insurance
Group life insurance is a popular and relatively inexpensive employee benefit. In 2013, group life insurance accounted for 41 percent of the face amount of life insurance in force. Group life insurance plans today have the following characteristics:
Group life insurance coverages. Group life insurance plans typically provide yearly term insurance coverage to participating employees. Term insurance provides low-cost protection to employees during their working years, especially to younger employees. Different coverage amounts are available. First, group life plans provide a basic amount of term life insurance to all eligible employees based on earnings, position, a flat amount for all, or some combination. Evidence of insurability ...
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