Group life insurance is a type of life insurance that covers a group of people who are affiliated with each other, such as employees of a company, members of an organization, or beneficiaries of a pension plan. Group life insurance provides a lump-sum payment to the designated beneficiaries of the insured person if they die while the policy is in force.
Group life insurance has several advantages over individual life insurance, such as lower premiums, easier enrollment, and no medical exams or underwriting required. However, group life insurance also has some limitations, such as lower coverage amounts, lack of portability, and dependence on the group policy owner.
Group life insurance can be a valuable benefit for employees and their families, but it may not be enough to meet their long-term financial needs.
Therefore, it is important to understand how group life insurance works, what types of group life insurance are available, and what are the pros and cons of group life insurance.
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